Justin Sun buys Ethereum worth $45M from Binance: What’s his plan?

• Justin Sun’s recent 14,436 ETH purchase from Binance continued his strategic investments in Ethereum.
• Sun’s history of buying ETH has revealed a calculated investment pattern, resulting in over $50M in unrealized profits.

Justin Sun, the founder of Tron [TRX], has reportedly made another significant transaction involving Ethereum [ETH]. 

According to on-chain analytics provider Spot On Chain, Sun allegedly redeemed 14,436 ETH from Binance [BNB]. 

The transaction in question involved the withdrawal of 14,436 ETH, worth approximately $45.51 million, from Binance by the wallet 0x43594da5d6a03b2137a04df5685805c676def7cb, which is believed to belong to Justin Sun.

The transaction ID for this withdrawal is 0x49856fe8819766a4788d92430bdb2281a1903d43d5cc920633c08753441884bf. 

Moreover, the withdrawal took place around 22 hours ago, following a deposit of 45 million USDT to Binance three days prior. This makes the purchasing price around $3,117 per ETH.

Justin Sun’s history of buying ETH

Since the 8th of February, Sun has potentially acquired 377,188 ETH at an average price of $3,049. All these transactions were completing by using three separate wallets.

The aforementioned purchases included 169,604 ETH in February at an average price of $2,870, 192,168 ETH in April and July at an average price of $3,175, and 15,416 ETH in June at an average price of $3,474. 

These acquisitions have led to an unrealized profit for Justin Sun, exceeding $50 million at press time, reflecting a gain of about 4.4%. 

Market reaction

When Sun made his recent withdrawal, the price of ETH dipped by approximately 10%, causing significant unrealized losses. 

Despite this, Sun has continued to make notable acquisitions. Tron’s co-founder reportedly used another 5 million USDT to buy 1,614 ETH at around $3,097 per ETH. 

His strategy typically involves depositing

As of press time, ETH was trading at $3,353.33, with a 24-hour trading volume of $12,181,635,567, per AMBCrypto’s look at Coingecko’s data.

This marked a 4.89% price increase in the last 24 hours and a 15.47% increase over the past seven days.