Justin Sun Sparks Selloff Concerns with 29,153 ETH Transfer to HTX
Justin Sun, the founder of Tron, raised fears of an impending selloff earlier today when he transferred an extra 29,153 ETH to the cryptocurrency market HTX. It’s interesting to note that these deposits coincide with selling pressure on the price of ETH, which is correcting by another 2% as bears attempt to drive it down below $3,000 and lower. Before Ethereum recovers, some market watchers predict a bottom forming at $2,800.
The Tron founder has deposited 227,000 ETH, or around $807 million, to HTX since November 10 at an average price of $3,556 per ETH, according to on-chain data. The bulk of these holdings were purchased by Sun earlier in 2024 at a cost base of about $3,036 per Ethereum.
Tron Founder’s ETH Moves Fuel Speculation Amid $322.7M Unstaking
Furthermore, Sun has started unstaking 96,580 ETH from sites like Lido Finance and EtherFi, which is worth $322.7 million. According to analysts, these assets are probably meant for more deposits to HTX, demonstrating the cryptocurrency tycoon’s ongoing activity and liquidity management.
Concerns of a significant sell-off have been raised by the Tron founder’s recent Ethereum migration, but Sun has refuted these claims, claiming that it is a normal aspect of Ethereum wallet transfers. It’s interesting that Sun’s ETH movement and the ETH price decline occur at the same time.
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