Ethereum

Pendle

TRON

Bedrock

The second-largest crypto token by market cap, <a href="https://bitcoinist.com/ethereum-fees-lowest-since-january-bottom-signal/" rel="nofollow">Ethereum (ETH)</a>, looks set to make a massive market recovery following recent buys suspected to be made by <a href="https://bitcoinist.com/sec-vs-justin-sun-case-regulator-provides-info/" rel="nofollow">Tron’s founder, Justin Sun</a>. Sun’s accumulation spree again highlights crypto whales’ recent bullishness on Ethereum despite fluctuating prices.&nbsp; 
<h2 id="sun-allegedly-buys-405-million-worth-of-eth">Sun Allegedly Buys $405 Million Worth Of ETH</h2> 
In an X (formerly Twitter) <a href="https://x.com/lookonchain/status/1782253466490175642" rel="nofollow">post</a>, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a mysterious wallet suspected to belong to Justin Sun. This wallet is said to have bought 127,388 ETH ($405.19 million) from Binance and <a href="https://bitcoinist.com/decentralized-exchanges-are-the-next-big-thing/" rel="nofollow">decentralized exchanges (DEXs)</a> since April 8 at an average price of $3,127.&nbsp;&nbsp; 
 <img loading="lazy" decoding="async" class="alignnone wp-image-604648 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum-Justin-Sun-Tron.png?w=460&amp;resize=548%2C231" alt="Ethereum Justin Sun Tron" width="548" height="231" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum-Justin-Sun-Tron.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum-Justin-Sun-Tron.png?w=460&amp;resize=548%2C231 460w" sizes="(max-width: 548px) 100vw, 548px" data-recalc-dims="1"> 
Meanwhile, Lookonchain tried to prove further its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet mentioning that a <a href="https://bitcoinist.com/someone-just-bought-160-million-in-ether/" rel="nofollow">suspected Justin Sun wallet bought</a> 168,369 ETH at $2,894 from Binance and a DEX between February 12 and 24. It noted that the “transaction behavior” of both wallets was similar, which suggests that they are both likely owned by Justin Sun.&nbsp; 
If indeed both wallets are owned by Justin Sun, that means the <a href="https://bitcoinist.com/tron-founder-clarifies-htx-usage-amidst-criticism/" rel="nofollow">Tron founder</a> has accumulated 295,757 ETH ($891 million) at an average price of $3,014 since February 12. Like every <a href="https://bitcoinist.com/ethereum-accumulation-in-top-gear/" rel="nofollow">whale activity</a>, Sun’s alleged transactions have caught the crypto community’s attention, with many wondering why he is gaining so much exposure to the second-largest crypto token.&nbsp; 
<h2 id="ethereum-whales-are-bullish">Ethereum Whales Are Bullish</h2> 
Sun’s actions highlighted the bullish sentiment that <a href="https://bitcoinist.com/ethereum-accumulation-in-top-gear/" rel="nofollow">Ethereum whales</a> have towards the crypto token despite its recent unimpressive price action. Bitcoinist <a href="https://www.newsbtc.com/news/ethereum/3-major-metrics-ethereum-prices/">recently reported</a> about an Ethereum whale who, despite already losing $4.5 million, opened <a href="https://bitcoinist.com/539-crypto-longs-flushed-bitcoin-plummets-63300/" rel="nofollow">another long position</a> on the second-largest crypto token.&nbsp; 
This whale also borrowed 17.3 million USDT just to increase their exposure to the crypto token. In a recent <a href="https://x.com/lookonchain/status/1782613537166344427" rel="nofollow">X post</a>, Lookonchain again highlighted how <a href="https://bitcoinist.com/ethereum-accumulation-in-top-gear/" rel="nofollow">Ethereum whales</a> are still making bullish moves in the market. On-chain data shows a fresh wallet (0x9EB0) that <a href="https://t.co/kDOwCSMACo" rel="nofollow">withdrew</a> 7,182 ETH ($23.06 million) from Binance, which suggests long-term holding by this whale.&nbsp; 
Another wallet (0x1958) <a href="https://x.com/lookonchain/status/1782613537166344427" rel="nofollow">withdrew</a> 5,181 ETH ($16.28 million) from Binance and put their ETH holdings to work by staking it into Bedrock and <a href="https://bitcoinist.com/binance-pendle-listing-triggers-whale-actvity/" rel="nofollow">Pendle</a> while anticipating further price gains in the crypto token. 
Such bullish sentiment towards Ethereum could be good for ETH’s price as whales are known to have a significant impact on a token’s price discovery. It could also prove crucial during this period when Ethereum is experiencing <a href="https://bitcoinist.com/ethereum-fees-lowest-since-january-bottom-signal/" rel="nofollow">declining network growth</a>, which means that the rate at which new users come into the ecosystem has slowed.&nbsp; 
At the time of writing, Ethereum is trading at around $3,170, down over 1% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/ethereum/" rel="nofollow">data</a> from CoinMarketCap.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/0nlfg4Cu/" alt="Ethereum price chart from Tradingview.com (Justin Sun Tron)" width="3286" height="1530">

Ethereum Resurgence: TRON Founder Justin Sun Goes On 127,388 ETH Buying Spree

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