Justin Sun, the founder of Tron DAO, attracted great attention in the crypto markets with a series of transactions in recent days. Sun unstaking a significant amount of Ethereum and transferred some of it to the popular crypto exchange Poloniex. These moves have increased speculation that a major Ethereum sell-off may be approaching in the market.
Ethereum Movement from TRON Founder
According to the data, Sun withdrew 1,768 ETH (worth approximately $5.9 million) from Lido. He sent 810 ETH of this amount (worth approximately $2.7 million) to Poloniex. This situation caused all eyes to turn to the experienced investor. The sharp decline in early July led to a 10% decrease in the price of Ethereum and further increased concerns in the market. This decline resulted in an 8% loss in global crypto market value and a loss of approximately $66 million to Justin Sun.
Between February and June 2024, Sun accumulated a total of 361,137 ETH through three different wallets. The distribution of these ETHs is as follows: 169,604 ETH in February, at an average price of $ 2,870; 176,117 ETH in April, at an average price of $3,177; In June, 15,416 ETH was purchased at an average price of $ 3,474. The day before the big crash, Sun had made a profit of approximately $58 million on these investments. However, the sharp decline on July 5 turned this profit into a loss of $66 million. Ethereum price dropped below $2,800 at the peak of the decline. Although it recovered above $3,300 with the launch of new ETFs, this decline sparked a "sell the news" reaction among investors.
What is the Latest Situation in Ethereum Price?
Despite the recovery, ETH price remains below the average price of Sun's third purchase. This validates recent sales concerns. Considering that Sun is generally closely tied to Ethereum holdings, these sales are thought to be aimed at minimizing losses. Additionally, outflows in Ethereum index funds (ETFs) are also notable. On Monday, July 29, there was an outflow of $98.3 million in spot Ethereum ETFs. Grayscale's Ethereum Trust (ETHE) stood out with an output of $ 210 million.
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