Justin Sun Splurges $37 Million on Ethereum Despite Price Plunge: Report

• Justin Sun has reportedly bought Ether’s dip.
• The crypto mogul spent millions in USDT to acquire the crypto asset.
• The funds were withdrawn from the crypto exchange HTX.

TRON founder Justin Sun has reportedly spent millions in USDT to acquire additional Ether, currently held in a new crypto wallet address created on Monday.

The acquisition came amid a broad crypto market downturn, which saw Ether log its highest single-day decline since 2021. The crypto asset plunged over 21% to bottom at $2,171 early Monday before paring some of the losses to exchange hands at $2,227 at the time of writing, CoinMarketCap data shows.

Is Justin Sun Buying the Dip?

According to an August 5 X post by crypto analyst EmberCN, a new wallet suspected to belong to Justin Sun withdrew 38 million USDT from HTX and used $37 million to buy 16,236 ETH within three hours. The average acquisition price was $2,279 per ETH.

EmberCN said the wallet address likely belonged to Sun because the crypto mogul has transferred 210 million USDT into crypto exchange HTX in the past two days. The hardly one-day-old address also “has the same operation behavior as the multiple addresses that Sun used to purchase ETH,” the analyst stated.

The alleged Monday acquisition is an addition to Justin Sun’s massive Ethereum holdings, which the crypto mogul had already bolstered by an additional 377,590 ETH. This was acquired over time since February this year for $1.15 billion.

Per Spot On Chain, Sun’s Ethereum portfolio took a hit of about $280 million after Monday’s market meltdown.

Read how Robinhood paused 24-hour trading due to market volatility:
Robinhood Pauses 24-Hour Trading as the Market Goes Haywire

Stay updated on MATIC’s downward trajectory amid a wider market meltdown:
Polygon’s MATIC Tanks to Over 2-Year Lows as Fear Grips the Crypto Market