Justin Sun reportedly cashed out 39,999 ETH, or $143 million, from the liquid staking platforms.
Sun has sent 108,919 ETH to HTX at an average price of $3,674 since November 10.
With the Ethereum price plunging 17% after encountering resistance at $4,000 last week, Tron creator Justin Sun has persisted in his ETH selling binge. Half of Justin Sun’s Ethereum holdings, or $143 million, were sold in the last week. Experts in the market think that Ethereum’s price can go below $3,000 again before it starts to rise again.
After the price of Ethereum started climbing again after Donald Trump’s victory in the election, Justin Sun went on a huge selling binge. The situation persisted until last week, when the founder of Tron sold $143 million worth of Ethereum, sending the price of Ethereum crashing by more than 15% in the midst of the crypto market crisis.
More Sell-off Likely
Justin Sun reportedly cashed out 39,999 ETH, or $143 million, from the liquid staking platforms EtherFi and Lido Finance, according to blockchain analytics company Spot On Chain. After that, he put the whole sum into HTX.
Sun has sent 108,919 ETH (equivalent to $400 million) to HTX at an average price of $3,674 since November 10, coinciding with the rising trend in Ethereum pricing. Importantly, a number of these finds happened close to local price peaks.
According to Spot On Chain, Justin Sun is now unstaking 42,904 ETH from Lido Finance, which is worth $139 million. At a later date, the Tron founder may transfer these funds to HTX.
Investors are no longer bullish on Ethereum, the biggest cryptocurrency in the world, since its price has fallen below $3,500, a key support level. Last week, crypto market experts began to see Ethereum in a negative light, predicting a price decline to $2800, due to selloff by whales.
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