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Justin Sun Suspected of Acquiring $160 Million in Ethereum, Potentially Signaling Bullish Sentiment

An Ethereum address suspected to be associated with Justin Sun recently made a significant acquisition of $160.7 million worth of ETH, hinting at a potentially bullish outlook for Ethereum.

According to Lookonchain, the purchase was executed through prominent cryptocurrency exchange Binance and various decentralized exchanges (DEXs). The wallet, identified by the partial address “TWGHNc,” has drawn scrutiny due to its involvement in large-scale transactions, including a notable withdrawal of 500 million USDT in Tether from HTX (formerly Huobi) on Sunday.

Observers noted that the same wallet deposited 50 million USDT into Binance, further fueling speculation about Sun’s potential involvement given his capability to conduct such substantial transactions.

Analysts also compared transaction patterns and identified connections between the “TWGHNc” wallet and another address, “0x7a95,” highlighting similar activities between the two. For instance, a deposit of $5.4 million to HTX by TWGHNc on Feb. 7 was followed by a comparable ETH withdrawal by 0x7a95 from HTX the following day.

Moreover, a $50 million USDT deposit to Binance by TWGHNc on Feb. 1 correlated with a subsequent withdrawal of 9,959 ETH from Binance by 0x7a95 on Feb. 12. While it remains speculative, the significant transactions from HTX suggest the possibility that the wallet may belong to Justin Sun.

If Sun is indeed behind these transactions, it could indicate a bullish interest in Ethereum from the TRON founder, potentially impacting market sentiment towards the cryptocurrency.

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