“Wow that's a lot, so will the price of ETH continue to climb higher?”
An address suspected to be linked to Tron founder Justin Sun's $160.7 million in Ethereum (ETH) has sparked speculation and interest in the cryptocurrency community as its price potentially continues to climb higher.
The transaction was executed through Binance and various decentralized exchanges (DEX) where the wallet last Sunday withdrew 500 million Tether (USDT) from HTX then made a large deposit of 50 million USDT into Binance today.
The streak, analysts revealed that there is someone with great resources and influence in the crypto world, among them is Sun.
The speculation is supported by a wallet transaction pattern that shows significant correlation with another address “0x7a95” and that pattern includes a $5.4 million deposit to HTX by TWGHnc as well as a similar withdrawal in ETH from HTX.
Sun's recent announcement of a Bitcoin layer-2 solution to increase interoperability in the blockchain ecosystem has sparked excitement and it aims to integrate various types of tokens in the Tron network.
With plans to bridge over $55 billion on the BTC network, TRON's initiative to advance blockchain technology and promote platform collaboration could have a positive impact on the price of ETH.
The acquisition of $160.7 million in ETH by wallets linked to Sun can be interpreted as a bullish signal for ETH and it also reflects growing interest and confidence in ETH's potential.
