Following Ethereum’s drop below $4,000, a wave of whales (holding above 1,000 ETH) have proceeded to dump the world’s second-largest cryptocurrency.

A new study revealed that whale wallets with more than 1000 ETH, or $3.92million, have dropped nearly 5% in trading volume, while the average trade price was $3,800.

Justin Sun joins the Ether Whale Party
Justin Sun, founder of TRON and holder of one of Ethereum’s most popular wallets, was seen dumping his ETH holdings around 2021.

According to analytics firm Wu Blockchain, since the start of December, Sun has sold 165,989 ETH – approximately $592 million in a series of Ether transactions to Binance.

Colin Wu posted that Tron’s founder did not profit personally from selling his Ethereum stock. Colin Wu instead reported that transactions were done from internal wallets and were not profit-making.

Justin Sun clarified why the transactions occurred. According to Sun, the transactions were part of an “internal deployment of wallets and had nothing to do with Ethereum or Tron.”

Even after selling $600 million in Ether, Sun’s wallet address still holds more than $2 billion in ETH. Justin Sun left the TRON Foundation to pursue a new career as a crypto diplomat in Grenada, a tiny Caribbean country.

To The Flipside

• Despite increasing numbers of whale dumps 80% of all ETH wallets still have profit

What are the reasons to care?

Many perspectives exist on Ethereum’s future. Some whales may trade their Ethereum for profit, while some other investors are increasing their stakes.

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