As a seasoned researcher with a knack for deciphering the subtleties of the cryptocurrency market, I find myself intrigued by Justin Sun’s recent Ethereum transfers to HTX. The magnitude of these transactions and their timing, coinciding with Ethereum’s price recovery, certainly piques my interest.
Tron Founder Justin has initiated another round of Ethereum (ETH) transfer to his affiliated crypto trading platform HTX. Per data from analytics platform Spot on Chain, Justin Sun made the transfers on Christmas Eve, just as the price of Ethereum kickstarted its recovery.
The Latest Justin Sun Ethereum Transfer
According to the Spot on Chain report, the Sun transferred 70,182 ETH, equivalent to around $244.9 million at the time of the transaction, to HTX. This amount consisted of staked ETH from both Lido Finance and EtherFi. Interestingly, the Tron founder withdrew a total of 42,905 ETH from Lido Finance, with the remaining 27,277 ETH originating from EtherFi.
As reported by Spot on Chain, starting from November 10, Justin Sun has transferred approximately 179,101 Ethereum, equivalent to around $645 million, into HTX. These transactions were typically executed at an average price point of about $3,601, frequently close to local highs. It’s worth mentioning that Justin Sun has a significant track record of moving this cryptocurrency to HTX, with at least four such transactions already made this month. One notable transaction was the offloading of half his ETH holdings earlier this week.
Despite these transactions, Spot on Chain confirmed that Justin Sun still holds 106,905 STETH worth $372.4 million. He also HODLs 56,277 EETH worth $195.8 million, of which 25,000 ETH worth $87 million is being unstaked from Etherfi.
Justin Sun (@justinsuntron) just transferred 70,182 $ETH ($244.9M) to #HTX on Christmas Eve, including 42,905 ETH unstaked from Lido Finance and 27,277 ETH from Etherfi.
Starting from November 10th, he has consistently added a total of approximately $645 million worth of ETH (179,101 units) to the HTX platform, with an average purchase price around $3,601 and frequently close to the local market prices.
— Spot On Chain (@spotonchain) December 25, 2024
Justin Sun Issues Major Disclaimer
Sun has explained more clearly why he’s been transferring funds. Contrary to speculation that he’s selling Ethereum, he maintains that these transactions are simply part of his platform’s internal processes and adjustments in liquidity between its digital wallets.
As a passionate crypto investor, I personally align with the Tron Founder’s stance. He continues to stand by the Ethereum ecosystem, expressing his optimism for its long-term success and growth.
Significantly, the recent set of transactions occurs when the cost of ETH started to increase following a rebound trend, which seems to be part of the anticipated Santa rally. At this moment, the coin’s value stands at an increase of 2.63%, currently priced at $3,490.82. Over the past day, its price fluctuated from a low of $3,385 to a peak of $3,535 before settling at its current level.
Based on a previous examination of Ethereum’s price trend, it is possible that the cryptocurrency has experienced its final dip before potentially surging towards five-figure values during this extended bull market.
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2024-12-25 12:55