Ethereum
Justin Sun optimistic about potential Ethereum ETF approval? The data suggests
Yuri Molchan
Tron founder appears to be leaning heavily on Ethereum lately as he could expect SEC to approve ETH ETFs in July
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Tron blockchain founder, crypto billionaire Justin Sun, has acquired another big chunk of ETH as he perhaps expects the The SEC will grant authorization launch Ethereum spot ETFs in early July.
Last year, Sun has already purchased over $1.1 billion worth of Ethereum, according to recently shared analytical data.
Justin Sun recovers more ETH
The Analytics account on ) transferred a large amount of Ethereum from Binance. This happened while ETH was trading at $3,472. This piece of ETH was valued at $16.07 million at the time of purchase.
The data source mentioned above reported that over the last three days, the same wallet owned by the creator of Tron purchased (at an average price of $3,494) and withdrew from Binance 13,967 ETH from a worth nearly $49 million.
A few days ago, @spotonchain shared with the crypto community that Justin Sun made a massive deposit of Tron-USDT (89.57 million coins) on Binance and spent $32.9 million of that amount to buy more Ethereum, which he then withdrew into his wallet.
In another tweet today, @spotonchain suggested that Sun may be ‘optimistic’ on the rumored launch of the Ethereum Spot ETF” next week.
Ethereum ETF approval expected on July 2
As reported by U.TodayEthereum ETF spot issuers updated their S-1 filings with the SEC on Friday. Among the details made public, Franklin set its Ethereum ETF fee at 0.19%, while VanEck’s fee was announced at 0.2%. Additionally, BlackRock revealed that it had pre-purchased $10 million worth of Ethereum ETF future shares by an undisclosed major investor.
Prior to this, Consensys reported that the securities regulator had ended its investigation into the mechanics of Ethereum 2.0, dismissing all rumors of a reversal to label ETH as a security. This pivot has strengthened the chances of seeing a Spot Ethereum ETF approved.
The expected date for the SEC to announce its positive decision on this matter is July 2, according to Bloomberg analysts.
About the Author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many aspects. He has written for several crypto media outlets. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keizer, etc.