Crypto industry experts highly suspect an address that recently acquired $160 million in ETH to be potentially linked to Justin Sun, founder of the TRON network. What does the analytics say? Is the buy a huge indicator of a bullish drive for Ethereum? Let us dig in further to get all of the details!
Large transactions on the run
Lookonchain, an online chain investigator, has released its detailed scrutiny of the said huge transactions. According to their data, the purchase of 54,721 ETH was made through leading cryptocurrency exchange Binance and various decentralized exchanges (DEXs).
The wallet is identified with the partial address “TWGHNc” and has been scrutinized for its large-scale transactions. The same wallet had a withdrawal of 500 million USDT in Tether from HTX (Huobi) on Sunday.
Lookonchain also said that the same wallet also deposited 50 million USDT into Binance. Further comparisons of transaction patterns have linked the TWGHNc wallet to another address, “0x7a95,” noting parallel activities between the two.
On February 7, TWGHNc deposited $5.4 million to HTX which was followed by a similar amount in ETH withdrawal by 0x7a95 from HTX the next day. Additionally, a 50 million USDT deposit to Binance on Feb. 1 by TWGHNc correlated with a following withdrawal of 9,959 ETH from Binance by 0x7a95 on Feb. 12.
Is it likely that Justin Sun is the one making these transactions?
All the previous activity drives analysts and observers to one conclusion and that is Sun is the one that would have the potential capability to withdraw such a large amount from HTX keeping in mind his huge influence on the crypto market. There is too much of a coincidence between the transactions mentioned above bringing us to a guess based on onchain data.
What’s in it for the Ethereum market??
If Tron’s Justin Sun is accurately identified to be the one behind these transactions, it would signal a bullish interest in Ethereum from him. History has witnessed a surge in market rates through the influence of highly influential people in the industry and Sun is no less. ETH holders are on their way to getting delightful news with a soon-to-be witnessed bull market for Ethereum.
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