Ethereum
Justin Sun optimistic about potential Ethereum ETF approval? The data suggests so — TradingView News
The founder of the Tron blockchain, crypto billionaire Justin Sun, has acquired another big chunk of ETH as he possibly expects the SEC to grant permission to launch Ethereum spot ETFs in early July.
Last year, Sun has already purchased over $1.1 billion worth of Ethereum, according to recently shared analytical data.
Justin Sun recovers more ETH
The Analytics account on ) transferred a large amount of Ethereum from Binance. This happened while ETH was trading at $3,472. This piece of ETH was valued at $16.07 million at the time of purchase.
The data source mentioned above reported that over the last three days, the same wallet owned by the creator of Tron purchased (at an average price of $3,494) and withdrew from Binance 13,967 ETH from a worth nearly $49 million.
Wallet 0xdbf (likely #JustinSun) withdrew another $4,629 ETH ($16.07 million) from #Binance at $3,472 about 8 hours ago.
In total, over the last 3 days, this wallet withdrew $13,967 ETH ($48.8 million) from Binance at an average price of $3,494.
Follow @spotonchain and set wallet alerts now:… https://t.co/ozvNN9KVhL pic.twitter.com/eTbffY7b0H— Spot On Chain (@spotonchain) June 24, 2024
A few days ago, @spotonchain shared with the crypto community that Justin Sun made a massive deposit of Tron-USDT (89.57 million coins) on Binance and spent $32.9 million of that amount to buy more Ethereum, which he then withdrew into his wallet.
In another tweet today, @spotonchain suggested that Sun could be “bullish on the rumored launch of the Ethereum Spot ETF” next week.
Ethereum ETF approval expected on July 2
As U.Today reported, on Friday, Ethereum ETF spot issuers updated their S-1 filings with the SEC. Among the details made public, Franklin set its Ethereum ETF fee at 0.19%, while VanEck’s fee was announced at 0.2%. Additionally, BlackRock revealed that it had pre-purchased $10 million worth of Ethereum ETF future shares by an undisclosed major investor.
Prior to this, Consensys reported that the securities regulator had ended its investigation into the mechanics of Ethereum 2.0, dismissing all rumors of a reversal to label ETH as a security. This pivot has strengthened the chances of seeing a Spot Ethereum ETF approved.
The expected date for the SEC to announce its positive decision on this matter is July 2, according to Bloomberg analysts.