- Justin Sun transfers 70,182 ETH to HTX, totaling $244.9 million.
- Sun claims the trades are for internal liquidity rebalancing.
On Christmas Eve, Tron founder Justin Sun executed significant transfers of Ethereum (ETH) into his cryptocurrency platform HTX which coincided with a major price rally in Ethereum. Data from Spot on Chain shows that Sun’s wallets held a total transfer of 70,182 ETH worth around $244.9 million at the time of transfer. Lido Finance and EtherFi divide the transfers, with 42,905 ETH coming from Lido and 27,277 ETH from EtherFi.
Since November 10, Justin Sun has sent a total of 179,101 ETH to HTX. The transfer moves an amount equating to roughly $645 million. The sum transfers at an average price of around $3,601 per ETH. This is one of the latest moves in a pattern that has been in which Sun has been selling Ethereum anytime market prices rise. Sun has stated that the moves are part of an internal rebalancing of HTX wallets.
Ethereum Has a Hard Time While Sun is Selling Out
Sun still owns a large percentage of Ethereum. He owns 106,905 STETH worth $372.4 million and 56,277 EETH, which is around $195.8 million. Besides, the remaining unstaked ETH in EtherFi is still $87 million, valued at 25,000.
Sun clarified that the transactions in funds are not him selling his Ethereum but only internal adjustments. He reiterated his support of the Ethereum network to recapture his trust in its future.
The price movement of Ethereum was pretty volatile recently, plunging all the way down from an all-time high of $4,000 to reach a low of $3,127. However, it appears that it has been coming out of the low, with the trade currently at $3,453.04 and $28.64 billion volume over a 24-hour time frame. Analysts remain positive that Ethereum will not only rebound but may even go over $4,000 soon. One analyst, Javon Marks, mentioned an Adam & Eve Double Bottom Pattern, which means Ethereum might move up to as high as $4,800.
This recent shift comes amidst a broader pattern of Ethereum transactions, including Sun’s offloading of half of his Ethereum holdings earlier this month. Despite these movements, he still remains a strong influencer in the crypto space, positive about the long-term prospects of Ethereum. At the time of writing ETH is training at $3,432.41 which is decreased to 1.67% in the last 24 hours
