An Ethereum whale, Justin Sun, has once again transferred an additional 29,153 ETH. This is one of several transfers he has made this year. In response, Ethereum has declined by 2%, approaching $3,300. According to data from Spot on Chain , in the past 11 hours, Justin Sun, the founder of Tron, has made substantial deposits in the crypto exchange HTX. The transfer of an additional 29,153 ETH valued at $96.7 million is one of many. Source: Spot On Chain Since November 10, the Tron founder has deposited a total of 227,000 ETH, valued at approximately $807 million, to HTX at an average price of $3,556 per ETH. Sun acquired the preponderance of these holdings in 2024 at a cost basis of approximately $3,036 per ETH. Additionally, Sun has initiated the unstaking of 96,580 ETH, which has translated to $322.7 million from platforms like EtherFi and Lido Finance. Analysts contend that these assets are likely to be used for additional deposits to HTX, which suggests that the crypto magnate is continuing to manage liquidity and engage in activity. Sun, however, has explained that it is a routine part of Ethereum wallet transfers. Interestingly, Sun’s ETH movement coincides with the drop in ETH prices. Ethereum price response According to on-chain data, Ethereum price is trading 1.88% down at $3,348 with a market cap of $404 billion. The 24-hour liquidations have soared to $38.3 million, with $27.52 million in long liquidations Ethereum price in 24 hours – Source: CoinMarketCap Ethereum and the broader crypto market have experienced some selling pressure as the year comes to a close. ETH investors have been unable to surpass the price above the critical resistance of $3,500, which has paved the way for a decline in the price of ETH below $3,000. This decline is expected to continue until the next support level of $2,800. The first quarter of 2025 could serve as the catalyst for a substantial Ethereum rally. In support of this, crypto analyst Rover anticipates that the Ethereum rally will commence on January 1, 2025. This coincides with the peak of Bitcoin’s dominance, as indicated by historical trends. However, a popular analyst, Charting Guy, anticipates that the ETH price will surge to $7,080 by April 2025 in response to this recent action from Justin Sun. Also, according to Binance, the $4,000 mark will not be achieved immediately after Trump’s inauguration. Ethereum ETFs experienced net outflows Yesterday, Ethereum spot ETFs experienced a net outflow of $55.41 million. This represents the initial net outflow following four consecutive days of net inflows. In particular, the Grayscale Ethereum Trust ETF experienced a single-day net outflow of $17.36 million, with a historical cumulative net outflow of $3.634 billion. On the other hand, Grayscale Ethereum Mini Trust ETF experienced a single-day net outflow of $13.75 million. This is despite its historical cumulative net inflow remaining at $591 million. Currently, the total net asset value of Ethereum spot ETFs is $12.275 billion. This represents 3% of Ethereum’s total market cap. The historical cumulative net inflow is $2.621 billion. Notably, according to reports, alternative ETFs achieved a milestone in November by surpassing $400 billion in net assets. Additionally, the alternative ETFs recorded the highest year-over-year asset growth rate of all asset classes, at 93%. Also, digital assets, trading-leveraged equity, and derivative income ETFs account for the majority of the total alternative ETF market share, which is approximately $325 billion, or 80% Still, financial advisors reported a mere 3.6% allocation to alternatives in 2024. However, this figure is anticipated to rise. The firm discovered that 14.4% of extant alternative allocations are implemented through the utilization of ETFs . A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
