Speculation Arises as a Mysterious $160 Million Ethereum Purchase Raises Questions on Justin Sun’s Involvement
There is strong suspicion among crypto industry experts that a recent $160 million ETH acquisition may be linked to Justin Sun, the founder of the TRON network. What do the analytics reveal? Could this purchase indicate a significant bullish drive for Ethereum? Let’s delve deeper to uncover all the details!
Significant transactions on the move
Lookonchain, an online chain investigator, has conducted a thorough analysis of these substantial transactions. According to their data, the purchase of 54,721 ETH was executed through the leading cryptocurrency exchange, Binance, as well as various decentralized exchanges (DEXs).
The wallet in question is associated with the partial address “TWGHNc” and has been closely examined due to its large-scale transactions. Furthermore, the same wallet withdrew 500 million USDT in Tether from HTX (Huobi) on Sunday.
Lookonchain also discovered that the aforementioned wallet deposited 50 million USDT into Binance. Moreover, a comparison of transaction patterns has linked the TWGHNc wallet to another address, “0x7a95,” highlighting parallel activities between the two.
On February 7, TWGHNc deposited $5.4 million to HTX, followed by a similar amount in ETH withdrawal by 0x7a95 from HTX the following day. Additionally, a 50 million USDT deposit to Binance on February 1 by TWGHNc correlated with a subsequent withdrawal of 9,959 ETH from Binance by 0x7a95 on February 12.
Could Justin Sun be behind these transactions?
Considering all the previous activity, analysts and observers are led to one conclusion: Justin Sun is the most likely candidate capable of withdrawing such a substantial amount from HTX, given his significant influence in the crypto market. The mentioned transactions align too closely to be mere coincidence, leading us to speculate based on onchain data.
What does this mean for the Ethereum market?
If it is indeed confirmed that Justin Sun is the mastermind behind these transactions, it would indicate his bullish interest in Ethereum. History has shown that market rates can experience a surge due to the influence of highly influential individuals in the industry, and Sun is certainly no exception. Ethereum holders can anticipate positive news as they navigate towards an upcoming bull market for the cryptocurrency.
Tags: Ethereum