Justin Sun’s Ethereum Holdings Closes In On 700,000 ETH

Onchain analyst EmberCN has released details of Justin Sun’s Ethereum (ETH) holdings, noting the Tron founder’s ETH portfolio is closing in on 700,000 ETH. 

https://x.com/EmberCN/status/1812326978764341416

In a recent post on X, EmberCN categorized Sun’s ETH holdings, including his staking and re-staking allocations and their potential daily earnings.

According to the onchain analyst, Sun has purchased 421,800 ETH, equivalent to $1.267 billion, since December 26, 2023. EmberCN noted the Tron founder purchased the ETH using five separate addresses, with an average price of $3,006.

Meanwhile, adding Sun’s ETH acquisition in the current bull market to his previous holdings amounts to the renowned crypto investor holding up to 698,700 ETH worth $2.215 billion at the time of EmberCN’s post. According to the analyst, Sun allocated 646,900 of his ETH holdings to staking and re-staking platforms.

Explaining Sun’s staking and re-staking allocation, EmberCN noted by calculating using the 3.2% ETH PoS staking annualized rate, Sun’s daily interest on the staked ETH is 56.7 ETH, equivalent to $180,000.

Ethereum has experienced significant price fluctuations in the past seven months, marking when Sun purchased most of his ETH holdings. The flagship altcoin reached a yearly high of $4,093 but retraced to trade for $3,195 at the time of writing, according to data from TradingView.

Sun’s accumulated ETH volume, as revealed by EmberCN, qualifies him as an ETH whale and one of those controlling significant ETH amounts. 

Retail traders often use information about whale activities to gauge and predict the markets.

For instance, some traders could focus on Sun’s average purchase price of $3,006 per ETH, considering it as potential support since the renowned investor would likely do all he can to maintain a profitable portfolio by keeping the price above that level.

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