Justin Sun continues his strategic Ethereum investment plan, recently spending $5 million to procure 1,614 ETH amid the ongoing downtrend.
Tron Founder Justin Sun has again made headlines with his strategic Ethereum (ETH) investments. On July 10, Sun reportedly spent $5 million to acquire 1,614 ETH at approximately $3,097 per token.
This purchase is part of a larger pattern, where Sun appears to have accumulated 362,751 ETH since February, totaling an estimated $1.11 billion across three wallets.
12 hours ago, Justin Sun (@justinsuntron) allegedly spent 5M $USDT to buy 1,614 $ETH at ~$3,097.
Since Feb 8, Justin Sun might have bought 362,751 $ETH (est. cost: $1.11B) at ~$3,047 via 3 wallets (more details in previous posts 👇).
Note that he also deposited 45M $USDT to… https://t.co/xeW1usR3MJ pic.twitter.com/aJ4zhXFas2
— Spot On Chain (@spotonchain) July 11, 2024
Recent transactions suggest that Sun continues to actively invest in Ethereum, with significant inflows of USDT to Binance indicating potential future purchases.
Sun Bought During Price Dips
Recent data reveals that Justin Sun has strategically bought large amounts of ETH during price dips and sold smaller quantities during peaks. For example, on July 10, he purchased 1,614 ETH for $5 million. Similarly, on June 25, he bought 1.449K ETH for $4.761 million.
The Profit and Loss (PnL) overview of Sun’s portfolio shows a total purchase value of $1.136 billion for 372.751K ETH, with an average purchase price of $3,046K.
He has sold 10,000 ETH for $30.820 million at an average sale price of $3,082, realizing a gain of $355,154, up 1.166%. The unrealized gain stands at $21.076 million, up 1.907%, reflecting the current appreciation of his remaining holdings.
Portfolio Breakdown and Distribution
Meanwhile, Sun’s portfolio is diversified across various tokens. The current balance at $816 million reflects an overall change of +3.894%. The largest holding is 96,148K Staked Ether (STETH) valued at $299.599 million. Additionally, Sun holds 247.783 million TrueUSD (TUSD) worth $247.659 million.
Other significant holdings are 63.780K wrapped Ether (EETH) worth $198.024 million and 13.152K wrapped stETH (WSTETH) valued at $47.867 million. Notably, Sun also also holds 455.594 billion Shiba Inu (SHIB) tokens, valued at $7.540 million.
Recent Market Volatility and Strategic Movements
However, the volatile market conditions have impacted Sun’s portfolio. On July 5, Spot On Chain reported that Justin Sun might have incurred a $66 million loss following a 10% drop in Ethereum’s price.
From February to June, Sun purchased 361,137 ETH through three wallets at an average cost of $3,047. Despite this setback, his portfolio still shows a strong preference for Ethereum-related assets.
Justin Sun may have lost $66M after the #Ethereum price plummeted 10% today!
From Feb to Jun, he allegedly bought 361K $ETH (est. cost: $1.1B) via 3 wallets, including:
– 169,604 $ETH via “0x7a9” in Feb at $2,870 avg
– 176,117 $ETH via “0x435” in Apr at $3,177 avg
– 15,416 $ETH… pic.twitter.com/bwIezvMRtj— Spot On Chain (@spotonchain) July 5, 2024
In March, Justin Sun moved 20 billion Shiba Inu (SHIB) tokens worth $544,400 to Poloniex, a crypto exchange affiliated with his crypto empire. This transfer aligns with a pattern of significant SHIB movements by Sun. Notably, in January, he withdrew 79.33 billion SHIB from Binance, valued at $751,000 at the time.
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