Justin Sun Bullish on Potential Ethereum ETF Approval? Data Suggests So

The tounder of the Tron blockchain, crypto billionaire Justin Sun, has acquired yet another large ETH lump as he may be expecting the SEC to grant permission to launch spot Ethereum ETFs at the start of July.

Last year, Sun already bought more than $1.1 billion worth of Ethereum, according to the recently shared analytics data.

Justin Sun scoops up more ETH

Analytics account on X (formerly known as Twitter) @spotonchain spread the word that more than eight hours ago, the owner of cryptocurrency wallet -0xdbf (@spotonchain believes it to be the founder of Tron Justin Sun) transferred a large amount of Ethereum from Binance. It happened while ETH traded at $3,472. This ETH chunk was valued at $16.07 million at the time the purchase was made.

The above-mentioned data source shared that over the last three days, the same wallet belonging to the Tron creator bought (at an average price of $3,494) and withdrew from Binance 13,967 ETH worth almost $49 million.

Wallet 0xdbf (likely #JustinSun) withdrew another 4,629 $ETH ($16.07M) from #Binance at $3,472 ~8hrs ago.

Overall, in the past 3 days, this wallet has withdrawn 13,967 $ETH ($48.8M) from Binance at an avg price of $3,494.

Follow @spotonchain and set alerts for the wallet now:… https://t.co/ozvNN9KVhL pic.twitter.com/eTbffY7b0H— Spot On Chain (@spotonchain) June 24, 2024

A few days ago, @spotonchain shared with the crypto community that Justin Sun had made a massive Tron-USDT deposit (89.57 million coins) to Binance and spent $32.9 million of that amount buying more Ethereum, which he later withdrew to his wallet.

In another tweet today, @spotonchain suggested that Sun may be “bullish on the rumored launch of the Ethereum Spot ETF” next week.

Ethereum ETF approval expected on July 2

As reported by U.Today, on Friday, the spot Ethereum ETF emitters updated their S-1 filings to the SEC. Among the details made public, Franklin set its Ethereum ETF fees at 0.19%, while VanEck’s fees were announced to be 0.2%. Besides, BlackRock revealed that it has had $10 million worth of future Ethereum ETF shares bought in advance by a major undisclosed investor.

Prior to this, Consensys spread the word about the securities regulator shutting down its investigation into the mechanisms of Ethereum 2.0, thus rejecting all the rumored U-turns to calling ETH a security. This pivot made the chances of seeing a spot Ethereum ETF approved grow stronger.

The anticipated date of the SEC announcing its positive decision on this is July 2, according to Bloomberg analysts.