- According to a report by Spot On Chain has revealed that Justin Sun has applied to withdraw 52,905 ETH, valued at approximately $209 million, from Lido Finance.
- Justin Sun’s strategic move has sparked speculation about its potential impact on Ethereum’s price, which is nearing the $4,000 mark.
Justin Sun, Tron’s Founder, has been a prominent figure in the cryptocurrency. Notably, Sun has made headlines concerning Ethereum due to his significant investments in Ethereum. Recent developments have revealed that Tron founder Justin Sun hinted at acquiring 52,900 ETH.
In the same vein, following the revelation, Ethereum’s native token, ETH, edges closer to the $4,000 mark. At the time of press, ETH is swapping hands with $3,952.55 after registering a 2.38% surge in the past 24 hours. Additionally, the asset has surged by 2.20% and 26.61% surge in the past week and month respectively.
Justin Sun’s 53K ETH Acquisition Plan
A report released by Spot On Chain has revealed that Justin Sun has applied to withdraw 52,905 ETH, valued at approximately $209 million, from Lido Finance. Justin Sun’s acquiring plan is part of Sun’s broader accumulation of 392,474 ETH, reportedly acquired for around $1.19 billion between February and August this year. With an estimated profit of $349 million, Sun’s return on investment (ROI) for Ethereum stands at an impressive 29%.
Interestingly, this accumulation follows Sun’s recent sale of 29,920 ETH, worth $119.7 million, which he moved to the HTX exchange as Ethereum surpassed the $4,000 threshold as we reported. This dual strategy of selling and now potentially re-entering the market has left investors speculating on his broader intentions.
Ethereum has been on a strong upward trajectory, with its price surging 27% over the last month. Currently trading at $3,961 with a daily high of $4,020, the asset’s trading volume rose by 11% to $30.5 billion in the last 24 hours. Additionally, ETH Futures Open Interest has increased by 5%, reflecting growing market confidence.
While Sun’s moves have introduced a level of uncertainty, broader market trends appear bullish. Whale activity has intensified, with many large investors reportedly accumulating ETH as it broke past $3,300. Crypto market analyst Ali Martinez has also highlighted a significant increase in whale purchases, underscoring growing institutional interest.
However, questions loom about whether Sun might resume selling Ether, potentially exerting downward pressure on prices. Given his history of significant transactions, market participants are closely monitoring his next steps.
Despite the concerns raised by Sun’s trading behavior, Ethereum’s broader market outlook remains optimistic. Analysts have floated bold price predictions, with some suggesting ETH could target the $15,000 mark in the not-too-distant future. This bullish sentiment is further fueled by the platform’s robust ecosystem and the increasing adoption of decentralized finance (DeFi) applications.
In summary, Justin Sun’s planned acquisition of nearly 53,000 ETH has added intrigue to Ethereum’s current rally. While his recent selloff introduces an element of unpredictability, the market’s overall sentiment remains positive. With strong whale accumulation and growing confidence among traders, Ethereum appears poised for further gains, although Sun’s future moves could play a decisive role in shaping its short-term trajectory.
