TRON Daily Transactions Increase

Bittime - In recent days, Justin Sun, co-founder of TRON, has been in the spotlight for accumulating Ether (ETH) ahead of the potential approval of an Ethereum spot ETF in the United States. This move attracted the attention of many investors and increased daily transaction activity on the TRON network.

Ether Accumulation by Justin Sun

Justin Sun has been quietly accumulating Ether since February 2024. Currently, he holds a total of 362,751 Ether at an average price of $3,047 per Ether. Data from Spot On Chain, a blockchain company that uses artificial intelligence to provide market insights, shows that those Ether holdings are held in three different crypto wallets, each receiving assets from Binance.

Check Today's Crypto Market:

Strategic Steps Behind Accumulation

Sun has made several strategic moves by depositing large amounts of funds to Binance. In June this year, Sun deposited around $21 million to Binance which was then used to buy Ether. Recently, Sun also deposited $45 million in USDT to Binance, which will allegedly be used for further Ether purchases in the future.

However, on July 5, Sun suffered a paper loss of $66 million after Ether experienced a 10% decline. Previously, Sun had recorded a profit of $58 million just 24 hours before the decline.

The Effect of Whale Accumulation on the Market

Justin Sun is not the only whale accumulating Ether ahead of potential Ethereum spot ETF approval. In the last 24 hours, several crypto exchanges such as Binance have processed large volumes of Ether transactions. Lookonchain, a blockchain data tracker, discovered that Golem Project, a decentralized computing resources platform, had transferred $9.3 million worth of Ether to Binance, Coinbase, and Bitfinex.

Additionally, Golem Project has also moved 40,000 Ether, estimated to be worth around $124.6 million, to a different address identified as “0x159a”. The company also recently staked 30,399 Ether for additional rewards.

Increased Transaction Activity

A few days ago, Lookonchain discovered that Elwood Technologies, a UK-based, crypto-focused financial institution, had moved large volumes of Ether to Binance. The company sent a total of 26,811 Ether worth about $84 million to the exchange. However, soon after the transfer, the company reportedly withdrew around 24,000 Ether from Binance on the same day.

Also Read How To Buy Crypto:

Conclusion

Ether accumulation by whales such as Justin Sun and Golem Project ahead of potential Ethereum spot ETF approval has increased daily transaction activity on the TRON network. These strategic moves demonstrate high levels of confidence and optimism in the future of Ethereum and the crypto market as a whole. As a result, TRON's daily transaction activity and volume have increased significantly, indicating a positive trend in the crypto market.

How to Buy Crypto in Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study Complete Guide How to Buy Crypto on Bittime.