Tron founder Justin Sun has made waves after selling $143 million worth of Ethereum (ETH) and people are worried about the price dropping below $3,000.
According to Spot On Chain, Sun redeemed 39,999 ETH from liquid staking platforms like Lido Finance and EtherFi and deposited the funds into HTX. This is not the first time Sun has sold Ethereum, he has sold 108,919 ETH (worth $400 million) since November 10.
Many of Sun’s deposits were made near local highs, with an average sell price of $3,674 per ETH. And 42,904 ETH (worth $139 million) are still being unstaked from Lido Finance, so we might see more selling in the next few days.
This liquidation comes as Ethereum can’t hold the key support levels, especially $3,500. The market is bearish and people are waiting for the second largest cryptocurrency to test $3,000.
