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Justin Sun’s $209M ETH Unstake: Market Eyes on Tron Founder’s Next Move
Justin Sun, the founder of Tron, has made a significant move by applying to withdraw 52,905 ETH worth approximately $209 million from Lido Finance. This sudden withdrawal has sparked curiosity and concern within the cryptocurrency community as it may have a profound impact on Ethereum’s price.
According to Spot On Chain, this withdrawal is part of a larger activity involving a massive 392,474 ETH, which Sun allegedly acquired between February and August 2023 through three wallets. The purchases were made at an average price of $3,027 per ETH, amounting to $1.19 billion. Notably, since then, the price fluctuations have led to Sun’s current estimated profit of approximately $349 million.
Justin Sun’s previous actions provide some context to this sudden withdrawal. In October 2023, he withdrew 80,251 ETH valued at around $131 million from Lido Finance and sent it to Binance within a span of four days. This move resulted in a 5% drop in the ETH price by mid-October.
Some members of the community are speculating that Justin Sun may liquidate his holdings and potentially contribute to a dip in the ETH price, while others believe he might be investing these ETHs or exploring strategic staking opportunities.
The market is now left wondering what Justin Sun’s next move will be. Will he choose to sell off his massive stake, potentially disrupting the Ethereum market, or will he use this opportunity for strategic purposes?
Source: http://www.cryptonewsz.com
