In the grand market of cryptocurrencies, Sun Yuchen, the founder of Tron, has once again become the focus of the market with a series of deposit actions in the Ethereum exchange. According to data, Sun Yuchen deposited 29,153 ETH worth $96.7 million into the cryptocurrency exchange HTX within the last 11 hours. Since November 10, he has deposited a total of 227,000 ETH into HTX, valued at approximately $807 million, with an average price of $3,556 per ETH. Additionally, Sun Yuchen has redeemed 96,580 ETH worth $322.7 million from platforms such as EtherFi and Lido Finance, and these assets are likely used for additional deposits to HTX.
Sun Yuchen's actions have had a significant impact on the price of Ethereum (ETH). The price of ETH dropped by 2% after these large transfers, approaching $3,300. Market analysts predict that ETH could fall to $2,800. This prediction is not unfounded, as Sun Yuchen's movements in ETH occurred simultaneously with the decline in ETH prices, raising market concerns about large-scale sell-offs.
However, Sun Yuchen denied these rumors, claiming they are part of regular Ethereum wallet transfers. Nevertheless, his actions have undoubtedly brought significant selling pressure to the market, causing the value of ETH to drop. As the year comes to a close, Ethereum and the broader cryptocurrency market have experienced some selling pressure, with ETH investors struggling to break through the key resistance level of $3,500, paving the way for ETH prices to fall below $3,000.
In this market turmoil, Sun Yuchen's strategies and actions have become the focus of attention for investors and traders. His actions not only affect the price of ETH but may also signal new trends in the cryptocurrency market. As 2025 approaches, predictions for the price of ETH vary widely, with some analysts estimating that prices could soar early in 2025, possibly reaching $7,080. These predictions, along with Sun Yuchen's actions, undoubtedly add more uncertainty and anticipation to the cryptocurrency market.
