As a seasoned analyst with over two decades of experience in the cryptocurrency market, I find Justin Sun’s recent move to invest such a substantial amount in Ethereum (ETH) intriguing. His strategic approach to purchasing ETH at an average rate of $3,027 per token, aiming for a 29% profit, demonstrates a calculated risk-taking mindset that is characteristic of successful entrepreneurs.
On Christmas Eve, the creator of Tron, Justin Sun, transferred approximately 70,182 Ethereums valued at around $244.9 million to HTX.
According to Spot On Chain’s report, there was a transaction involving 42,905 Ethereum (ETH) being removed from Lido Finance, a decentralized protocol for liquid staking. Additionally, Sun moved 27,277 ETH from Etherfi. This latest transaction increased Sun’s deposits into HTX (formerly Huobi) at the end of last month to a total of 179,101 ETH, which is equivalent to approximately $645 million when valued at an average price of $3,601 per ETH.
Two days prior, on December 23rd, Justin Sun converted 39,999 ETH (worth approximately 143 million dollars) from Lido Finance and Etherfi and transferred the entire sum into HTX. This brought his total deposits into HTX since November 10th to 108,919 ETH, equating to $400 million at an average purchase price of $3,674. At the time, the process for unstaking an additional 42,904 ETH (approximately $139 million) was still ongoing with Lido Finance. This unstaking process has now partially concluded with a transaction on Christmas Eve.
On December 16th, Sun made a request to remove 52,905 ETH from Lido Finance, equivalent to approximately $209 million USD. This action is part of a broader strategy that also includes the acquisition of 392,474 ETH over the period between February and August. The average cost per ETH in this purchase will be around $3,027, aiming for a 29% profit.
On October 4, 2023, as previously reported, Sun withdrew approximately 80,251 ETH, valued at around $131 million, from Lido Finance and transferred it to Binance. This action took place a few days before the price of ETH dropped by about 5% mid-October. It is worth noting that Sun holds significant Ethereum assets, such as 106,905 staked tokens valued at $372.4 million and 56,277 ETH derivative tokens valued at $195.8 million.
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2024-12-25 13:17