The transactions were made by Justin Sun, coinciding with the price of ETH starting its rebound.
Tron founder Justin Sun transferred 70,182 ETH to HTX. Justin Sun, founder of Tron, has started transferring Ethereum (ETH) to his cryptocurrency trading platform HTX once again. The transactions were made by Justin Sun on Christmas Eve, coinciding with the price of Ethereum starting its rebound, according to data from analytics company Spot on Chain. According to the report from Spot on Chain, the Sun addresses transferred 70,182 ETH to HTX, which was worth around $244.9 million at the time. Staked Ethereum from EtherFi and Lido Finance are both components of these funds. While 42,905 ETH came from Lido Finance, the remaining 27,277 ETH came from EtherFi.
Part of Internal Operations and Liquidity Rebalancing Spot on Chain reports that Justin Sun has sent 179,101 Ethereum, worth $645 million, to HTX since November 10th. On average, he got $3,601 for these deals, and he frequently did so near local highs. The history of Justin Sun depositing the coin to HTX is extensive. Earlier this week, he offloaded half of his Ethereum holdings, one of at least four transactions he has completed this month. Justin Sun retains 106,905 STETH, valued at $372.4 million, according to Spot on Chain, despite these transactions. And he’s holding 56,277 EETH, or $195.8M, with 25,000 ETH, or $87M, unstaked from EtherFi.
On the other hand, Sun has lately explained why he is transferring. These fund movements are part of internal operations and liquidity rebalancing among the trading platform’s wallets, he claims. However, projections indicate that he is offloading Ethereum. This Tron founder claims that he is still very much invested in the Ethereum network and has a positive outlook on the protocol going forward.
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