Key Points
An address believed to belong to Justin Sun has reportedly bought $160.7 million worth of Ethereum.
This could suggest a bullish outlook for Ethereum.
The information was shared by Lookonchain via a tweet.
Transactions Details
The purchase was conducted through the leading cryptocurrency exchange Binance and several decentralized exchanges.
The wallet, partially identified as “TWGHNc”, has been under observation for its large transactions.
This includes a withdrawal of 500 million USDT in Tether from HTX, formerly known as Huobi.
On the same day, the same wallet deposited 50 million USDT into Binance.
Observers have highlighted that Sun could potentially have the capacity to withdraw such a substantial sum from HTX.
The “TWGHNc” wallet has been linked to another wallet, “0x7a95”, due to similar transaction patterns.
On February 7, the “TWGHNc” wallet deposited $5.4 million into HTX.
The next day, a similar amount in Ethereum was withdrawn by “0x7a95” from HTX.
Furthermore, a deposit of 50 million USDT to Binance by “TWGHNc” on February 1 correlated with a subsequent withdrawal of 9,959 Ethereum from Binance by “0x7a95” on February 12.
These high-value transactions suggest that the wallet could potentially belong to Sun, but this is purely speculative.
If Sun is indeed behind these transactions, it would indicate his bullish interest in Ethereum.
