Justin Sun's Massive ETH Withdrawal Blows Minds

Justin Sun's Massive ETH Withdrawal Blows Minds

Play To Earn Games | 06 Aug 2024 12:16 UTC

Justin Sun Withdraws 14,884 ETH from binance Exchange

In a recent move, Tron founder Justin Sun has withdrawn 14,884 Ether (ETH) from binance exchange, adding to his existing holdings. The Ether withdrawal amounts to $35.97 million, bringing Justin's total ETH holdings to 392,474 ETH, with an estimated cost of $1.19 billion, now valued at $995 million.

This withdrawal comes amid rumors circulating about the liquidation of Justin Sun's leveraged long positions after the ETH price dipped below $2,000 on Monday. Justin Sun has since denied these rumors, calling them "false."

Justin Sun also took the opportunity to criticize leveraged trading strategies, stating that they do not significantly benefit the industry. Additionally, he deposited $49 million worth of Tether (USDT) to HTX over the past few days.

ETH Rebounds Above $2,500

Following one of the worst market crashes in 2024, the crypto market is showing signs of recovery. bitcoin surged to $56,000 while ethereum climbed back above $2,500 to reach a daily high of $2,547.

Major global stock indexes experienced a downturn on Monday, leading to ethereum's fear and greed index dropping to a low of 17 percent, indicating extreme fear among investors.

Despite the market turmoil, whale investors like Justin Sun have been active, seizing opportunities to withdraw large amounts of Ether. Another whale recently withdrew 16,236 ETH, valued at around $40 million, from the HTX exchange.

As of the latest update, ethereum is trading at $2,503. The approved US-based spot Ether ETFs, including VanEck's ETHV and Fidelity's FETH, saw a net cash inflow of approximately $1.64 million on Monday.

As the market continues to fluctuate, investors like Justin Sun are closely monitoring the situation to capitalize on potential opportunities and navigate the volatile landscape of the cryptocurrency market.

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