Ahead the the Ethereum ETF launch scheduled to happen a few days from now, whales, including Tron founder, Justin Sun, are betting large on the future of the asset as they continue to accumulate massive amounts of ETH coins. Recently, the crypto entrepreneur reportedly spent about $5 million in purchasing ETH and has ignited discussions across the crypto community.

Notably, this is just one of the many ETH volume transactions that have been conducted in the past few days. The launch of an Ethereum ETF could signal a bullish pattern for the market, as was the case of Bitcoin, and investors are already positioning themselves for this possibility.

Justin Sun Buys Over 1,600 ETH

According to a recent report bySpotonchain, an AI-driven crypto insight platform, the Chinese-Grenadian businessman spent 5 million USDT to purchase exactly 1,614 ETH. Spotonchain noted that Sun initiated the transaction at the time when ETH was trading at $3,097.

Interestingly, Sun has accumulated a staggering amount of ETH, up to the tune of 362,751, valued at approximately $1.11 billion. On average, Sun purchased this much ETH at $3,047 through three wallets. His continuous amassing of ETH represents confidence in the future price trajectory of the coin and has echoed throughout the crypto ecosystem.

In addition, Sun could be purchasing more ETH shortly as the aforementioned crypto insight platform pointed out that he had also deposited about $45 million USDT to Binance, the largest crypto exchange by trade volume. On July 5, Spotonchain reported that Sun may have recorded a huge loss of up to $66 million following the Ethereum (ETH) 10% crash at the time. From February to June, the crypto giant bought Ethereum three times, 169,604 ETH in Feb (at an average price of $2,870), 176,117 ETH in April (at a $3,117 average price), and 15,416 ETH in June (for $3,474 per coin).

Other Significant Whale Activities

Meanwhile, Justin Sun is not the only large investor to have been involved in huge ETH transactions in the last 24 hours. Lookonchain, a sophisticated crypto transaction tracker reported major transfers of ETH to several cryptocurrency exchanges. According to the report, the Golem Project, a decentralized computational resources platform, sent 3,000 ETH, worth $9.3 million, to Binance, Bitfinex, and Coinbase exchanges.

Also, the firm moved a massive 40,000 ETH, valued at $124.6 million to an address labeled “0x159a.” Moreover, a few hours later, Golem appeared to have stopped selling ETH, rather it moved to stake a substantial 30,399 ETH. Another notable entity that has transacted large amounts of ETH in the last few days includes the London-based Elwood Technologies. Per visible reports, the firm shifted 26,811 ETH, worth about $84 million), to the Binance exchange. Simultaneously, some wallet addresses related to Elwood reportedly withdrew over 24,000 ETH from the same exchange.

This mixed trend of accumulation and selling off has added another layer of speculation among market participants. It will be interesting to see how the price of ETH reacts to these movements in the next few days. At the time of writing, Ethereum (ETH) is changing hands at $3,141, representing a 1.67% increase over the last day. ETH has also experienced a spike in its 24-hour trading volume by 0.46% to $13.9 billion.