Justin Sun explains Ethereum transfers to HTX and clarifies his position on the market. Highlighting liquidity rebalancing while maintaining a bullish stance on ETH. The Tron Network’s founder, Justin Sun, recently finished transferring Ethereum (ETH) to his connected cryptocurrency trading site, HTX. According to data from analytics platform Spot on Chain, Sun conducted the transactions on Christmas Eve, right before the price of Ethereum began to rise again.
Sun Moves 70K ETH
Spot on Chain reports the Sun addresses transferred 70,182 ETH worth $244.9 million to HTX. The fund holds stakes in Lido Finance and EtherFi ETH. Tron creator unstaked 42,905 ETH from Lido Finance and 27,277 from EtherFi. Spot on Chain said Justin Sun had donated $645 million, or 179,101 Ethereum, to HTX since November 10. His average deal was $3,601, often near local peaks. Justin Sun’s HTX coin deposits are extensive.
He dumped 50% of his ETH holdings this week, among other monthly transactions. Despite these trades, Spot on Chain certified Justin Sun’s $372.4 million holding of 106,905 STETH. The 56,277 EETH worth $195.8 million in HODLs includes 25,000 ETH worth $87 million unstacked from Etherfi. On Christmas Eve, Justin Sun (@justinsuntron) sent #HTX 70,182 $ETH (249.9M), 27,277 Etherfi and 42,905 Lido Finance unstake—hiss 179,101 $ETH ($645M) HTX deposits since November 10 average $3,601.
Sun Remains Bullish on ETH
In the meantime, Sun just explained the true reason for his transfers. In contrast to the predictions that he is unloading Ethereum, he asserts that these capital moves result from internal operations and liquidity rebalancing across the trading platform’s wallets. The Tron Founder claims he is still long-term optimistic about Ethereum and dedicated to its ecosystem.
Notably, the most recent round of transactions occurred when the price of Ethereum started to rise again in tandem with the Santa rally. The coin is currently trading at $3,486.20, up 2.22%. It fluctuated between a low of $3,385 and a high of $3,535 during the last day before levelling off at the current price. According to a previous analysis of the price of ETH, the coin may have had its final collapse before rising to five digits during the current bull run.
Also Read: Ethereum Price Set for $4K with Institutional Growth
Final Thought
In conclusion, Justin Sun’s market objectives have been conjectured due to his recent Ethereum transfers to HTX. Sun explained that these actions were not motivated by any desire to sell Ethereum but rather by internal operations and liquidity rebalancing. Despite the noteworthy transactions, Sun is still dedicated to the Ethereum ecosystem and has a bullish view of the cryptocurrency. Ethereum’s recent price increase aligns with the market’s overall upward trend and lends credence to his confidence. Sun’s actions demonstrate the continuous strategic changes in his portfolio and reaffirm his long-term faith in Ethereum’s potential as its price rises.
