EmberCN shared some details about Justin Sun’s growing Ethereum holdings, showing that the Tron founder’s ETH portfolio is almost reached 700,000 ETH since December last year.
He is among the biggest whales on the network.
Whale alert
EmberCN, an onchain analyst company posted on X about Justin Sun’s ETH holdings.
孙哥 Justin Sun 持有的 ETH 数量即将到达 70 万枚。
2023/12/26 至今，孙哥在本轮牛市里通过 5 个地址买进了约 42.18 万枚的 ETH ($1.267B)，均价约 $3,006。
再加上此前持有的，目前孙哥通过多个地址 ETH 总持仓已达 69.87 万枚 ($2.215B)。
其中绝大部分 (64.69 万枚)… https://t.co/LYNZIcG9Uc pic.twitter.com/75SmCTryNj— 余烬 (@EmberCN) July 14, 2024
Sun, the controversial crypto entrepreneur, also widely known as the founder of Tron, has hoarded nearly 700,000 ETH, and despite the infinite amount of Ethereum (it has no fixed, maximum supply), this is still a pretty decent stack.
According to EmberCN, Sun has bought 421,800 ETH, worth $1.267 billion, since December 26, 2023, in barely more than a half year.
He used five different addresses to make these purchases, paying an average price of $3,006 per ETH.
Adding these recent purchases to his previous holdings, Sun now holds about 698,700 ETH, valued at $2.215 billion when EmberCN posted.
Sun has allocated the biggest part of his holding, 646,900 ETH to staking platforms.
180k interest, every day
EmberCN’s experts explained that Sun’s staking and re-staking strategy could yield nice earnings.
Using the 3.2% annualized rate for Ethereum’s proof-of-stake system, Sun’s daily interest from staked ETH is about 56.7 ETH, equivalent to $180,000. Now this is the passive income what many are looking for, right?
Ethereum’s price saw many changes over the past seven months, a period during which Sun acquired most of his ETH.
With 700,000 ETH in his wallets, fair to assume he don’t want to sell soon, and he want to be a long time holder.
The price reached a high of $4,093 this year but was trading around $3,100 at the time of writing. He’s still in the green zone.
Support
EmberCN’s report highlights Sun as an ETH whale, a term for individuals or entities holding large amounts of cryptocurrency.
I guess no one can argue with this fact as Sun got almost 700,000 counterarguments.
Retail traders often watch whale activities to understand and predict market movements.
For example, they might see Sun’s average purchase price of $3,006 per ETH as a potential support level, expecting that Sun will work to keep the price above this level to maintain his portfolio’s profitability.
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