TRON founder Justin Sun recently withdrew 52,905 ETH from Lido Finance, worth around $209 million. This transaction, combined with Sun’s previous activities on Ethereum, has led to speculation that he could potentially impact the ETH market. According to blockchain analytics firm Spot On Chain, Sun purchased a total of 392,474 ETH through three different wallets, creating a portfolio worth $1.19 billion. His net profit from these transactions is $349 million, representing a 29% gain.
TRON founder Justin Sun is drawing attention with his large transactions in the Ethereum ecosystem. A wallet belonging to Sun attracted attention by withdrawing 52,905 ETH worth $209 million from Lido Finance. In addition, Sun transferred staking rewards to HTX via the Ethereum network and invested $1.4 million in EIGEN and ETHFI tokens. Between February and August, he purchased a total of 392,474 ETH through three different wallets, making an investment of $1.19 billion.
According to data from blockchain analytics platform Spot On Chain, Sun’s wallet withdrew a total of 52,905 ETH via Lido Finance on December 16. This transaction represents a size of approximately $209 million. Earlier that day, Sun transferred 322,119 EigenLayer (EIGEN) and 175,021 EthFi (ETHFI) tokens earned from staking rewards to HTX. The total value of these assets was calculated as $1.4 million and $516 thousand, respectively.
Sun’s Ethereum withdrawal from Lido Finance is part of a large portfolio he built between February and August of this year. During that time, he bought 392,474 ETH through three different wallets at an average price of $3,027, making an investment of $1.19 billion. According to the current market value, the total earnings of this portfolio have risen to $349 million.
Justin Sun’s large-scale Ethereum transactions are nothing new. On October 4, 2023, he withdrew 80,251 ETH (about $131 million) from Lido Finance and sent it to Binance. The Ethereum price dropped by 5% in the middle of the month after this transaction. This pullback has revived similar fears, and some analysts predict that Sun’s actions could lead to short-term price pressure on Ethereum.
Ethereum,$ETH
It has gained 71.5% since the beginning of the year. However, it has underperformed Bitcoin, which has gained an impressive 142% in the same period. While Ethereum’s growth is commendable, some investors have questions about whether ETH can reach a new all-time high in the face of Bitcoin’s meteoric rise.
According to Chinese reporter Colin Wu, Ethereum’s total locked value (TVL) increased by $2.22 billion last week, lagging behind Bitcoin’s $3.09 billion increase. Between December 9 and December 13, Ethereum spot exchange-traded funds (ETFs) recorded a net inflow of $855 million, breaking a weekly record. BlackRock’s ETF ETHA, which stands out among ETH ETFs, provided a net inflow of $523 million, while Fidelity’s ETF FETH provided a net inflow of $259 million. Analysts say that increasing ETF inflows could support Ethereum’s price stability despite short-term market fluctuations.