Justin Sun reportedly lost $66 million on Friday as Ethereum’s price fell to levels last seen in February.
The ongoing crypto market sell-off is overshadowing optimism for spot ETH ETFs. Despite a 10% crash on Friday and elevated fear levels, indicators suggest Ethereum’s price may stabilize.
Spot On Chain noted that Sun’s $58 million profit accrued over the past five months vanished as Ethereum’s price dropped to $2,810. Sun acquired 361,000 ETH between February and June, worth about $1.1 billion, primarily through Binance.
The report followed Sun’s proposal to the German government to mitigate its Bitcoin sell-off market impact, which received mixed reactions and allegations of potential market manipulation.
Meanwhile, the market remains bearish with over $104 million in ETH liquidations in the last 24 hours. The crypto community is now eyeing mid-July for potential ETH ETF launches, although confidence in these dates is low.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
