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
Per the Spot on Chain report, the Sun addresses moved 70,182 ETH worth approximately $244.9 million at the time of the transaction to HTX. The composition of this funds includes staked ETH from both Lido Finance and EtherFi. While the Tron founder unstaked a total of 42,905 ETH from Lido Finance, the remain 27,277 ETH came from EtherFi.
According to Spot on Chain, since November 10, Justin Sun has deposited about 179,101 Ethereum valued at $645 million to HTX. He made these transactions at an average price of $3,601, often near local peaks. Justin Sun has a rich history of depositing the coin to HTX. He has made at least four transactions thus far this month including a 50% ETH holding offload 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.
Since Nov 10, he has deposited 179,101 $ETH ($645M) to HTX at an average price of $3,601, often near local… https://t.co/pFY9n2yI8k pic.twitter.com/QhMcgkHeXS
— Spot On Chain (@spotonchain) December 25, 2024
Justin Sun Issues Major Disclaimer
Meanwhile, Sun recently clarified the real motive behind his transfers. Unlike the projections that he is offloading Ethereum, he claims these fund movements are part of internal operations and liquidity rebalancing among the trading platform’s wallets.
According to the Tron Founder, he remains commited to the Ethereum ecosystem and long-term bullish on the protocol.
Notably, the latest batch of transactions comes as the price of ETH entered a rebound mode amid the emerging Santa rally. At the time of writing, the coin’s price is up 2.63% to $3,490.82. Over the past 24 hours, it moved from a low of $3,385 to a high of $3,535 before resting at the current price.
Per an earlier ETH price analysis, the coin might have hit its last crash before soaring to 5-digits amid the ongoing bull run.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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