Justin Sun’s $119M Ethereum Move Ignites Buzz as ETH Soars Past $4K and ETFs Hit Records

Justin Sun’s massive $119 million Ethereum transfer to HTX has sparked speculation amid ETH’s rise past $4,000. Fueled by record ETF inflows, Ethereum continues to show strong bullish momentum.

Justin Sun’s $119M Ethereum Transfer to HTX Sparks Market Buzz

Spot On Chain reports that Sun sent $119.7 million (or 29,920 ETH) to HTX on December 8—the day after the price of ETH reached $4,000—as reported by Sun. His previous actions included transferring large sums of ETH, therefore this move is a natural progression. As the price of ETH soared beyond $3,800 on December 5, he sent $76.3 million (20,000 ETH) to HTX.

This most recent deal is on top of Sun's already substantial Ethereum buys. He allegedly spent $1.19 billion (or $3,027 per ETH) on 392,474 ETH between February and August. Not including staking rewards and airdrops, Justin Sun has made an estimated $366 million since Ethereum passed the short $4,000 threshold.

Per Coingape, Sun has transferred 41,630 ETH ($145.9 million) to centralized exchanges since early November, with an average price of $3,505 per ETH. Of this total, 39,000 ETH went to HTX and 2,630 ETH to Poloniex. Justin Sun's profitable Ethereum strategy during the bull run was further demonstrated when he sent $322,119 EIGEN tokens (worth $1.44 million) and 175,021 ETHFI tokens (worth $516,000) to HTX as staking incentives.

Ethereum ETFs Drive Bullish Momentum

The price of Ethereum (ETH) increased by 7% week-over-week and 26% month-over-month, reaching $4,017 this week. Even though the price of Ethereum fell 3% in the past 24 hours to $3,852, the bullish attitude is still there. Strong inflows of funds into exchange-traded funds (ETFs) have given the market a boost, which analysts say is contributing to the momentum.

Ali, an on-chain analyst, predicts that Ethereum's value could reach new heights, with $4,540 being the location of the next major obstacle. But they stress the need of $3,560 support maintaining in order to keep the bullish momentum going. It might be poised for even bigger price breakthroughs if this pattern keeps going.

Institutional Confidence Fuels Record ETF Inflows

Last week, Ethereum ETFs saw record-breaking net inflows of $837 million, according to SoSo Value. Leading the pack with $573 million in weekly inflows was BlackRock’s ETH ETF (ETHA). Institutions are becoming more bullish on Ethereum (ETH) spot ETFs, which bodes well for the asset's future value.

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