Ethereum’s price has surged by 23.7% over the past 36 hours, bouncing back from a low of $2,188.
This impressive rebound follows significant trading activity, including a notable withdrawal by Justin Sun.
#Ethereum’s price rebounded 23.7% in 36 hours after hitting $2,188.
How long will it take $ETH to rally back to $3,200? pic.twitter.com/U6Ay5PbsxI
— Cointelegraph (@Cointelegraph) August 6, 2024
Just 10 hours ago, Sun withdrew 14,884 ETH, equivalent to $35.97 million, from Binance. Since February, Sun has accumulated a total of 392,474 ETH, with an estimated initial cost of $1.19 billion. At today’s prices, his holdings are valued at approximately $995 million.
Justin Sun (@justinsuntron) withdrew 14,884 $ETH ($35.97M) from #Binance 10 hours ago!
This brought the total amount of $ETH he accumulated since Feb to 392,474 $ETH (est. cost: $1.19B, now worth: $995M).
Note that Justin Sun also deposited a net amount of 49M $USDT to #HTX in… pic.twitter.com/43dHfK4U74
— Spot On Chain (@spotonchain) August 6, 2024
In addition to this withdrawal, Sun has also deposited a net amount of $49 million in USDT to HTX over the past three days. This move aligns with a broader trend of institutional and significant player activity in the Ethereum market.
Ethereum Spot ETF Maintains Net Inflow Of $48 Million
On August 5, Ethereum spot ETFs saw a net inflow of $48.73 million. Specifically, Grayscale’s ETHE experienced an outflow of $46.84 million, while BlackRock’s ETHA saw an inflow of $47.09 million. Additionally, VanEck’s ETHV reported an inflow of $16.62 million.
On August 5, the total net inflow of Ethereum spot ETFs was $48.7264 million. Grayscale ETF ETHE had an outflow of $46.8384 million, BlackRock ETF ETHA had an inflow of $47.0857 million, and VanEck ETF ETHV had an inflow of $16.6247 million.https://t.co/Tvs2oCS03I pic.twitter.com/VTQikkRBnK
— Wu Blockchain (@WuBlockchain) August 6, 2024
The recent market activity highlights Ethereum’s volatile yet resilient nature, as it continues to attract significant investment and exhibit strong recovery potential.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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