Analysis: Justin Sun may be buying the dip with $37M ETH purchase

On-chain analyst @EmberCN reported on X that there are indications Tron (TRX) founder Justin Sun has started buying the dip. A newly created address, suspected to be owned by Sun, purchased 16,236 ETH approximately three hours ago for $37 million USDT, at an average price of $2,279 per ETH. The analyst further explained that the address was created just before the purchase and withdrew $38 million USDT from Sun's exchange, HTX (formerly Huobi). The address then proceeded to accumulate ETH, suggesting a strategic dip-buying move. The suspicion that this address belongs to Justin Sun is based on several factors: Sun has deposited $210 million USDT into HTX over the past two days, the USDT in the new address originated from an HTX withdrawal and the ETH purchasing pattern is similar to that of Sun's other known addresses. Crypto media CoinNess previously reported that Justin Sun faced unrealized losses of approximately $280 million due to the recent ETH price drop.