Tron Founder Justin Sun Seeks to Cash Out $209M ETH Holdings While Ethereum Crosses $4K Mark

Data from December 16th shows that Justin Sun applied to Lido Finance to withdraw $209 million, or 52,905 ETH. It's interesting that the withdrawal occurs at a time when Ethereum prices have surpassed $4K.

More articles

Nausheen Thusoo
Nausheen Thusoo
Nausheen has three years of devoted experience covering business and finance. She is aware of the constantly changing financial landscape, especially in the rapidly growing cryptocurrency space. Her ability to simplify difficult financial ideas into understandable stories and her analytical thinking make her articles valuable for both novice and experienced readers.She has written about a wide range of subjects, including investing methods, market trends, and regulatory changes pertaining to the cryptocurrency industry. She has worked with Reuter, Coingape and Bankless times. Nausheen blends a talent for narrative with meticulous research skills. She is also skilled at establishing connections with business leaders so they can offer unique perspectives and interviews that enhance their reporting

Tron founder Justin Sun has made a huge decision to withdraw a set amount of Ethereum at a huge profit. According to data from December 16th, Justin Sun submitted an application to Lido Finance to withdraw 52,905 ETH, which equals $209 million.

Interestingly, the withdrawal comes at a time when Ethereum prices have crossed the $4K mark.

Justin Sun Books Huge Profit With Ethereum Withdrawal

The 392,474 ETH Justin Sun bought between February and August of this year through three wallets at an average price of roughly $3,027 comprise this portion of the total investment of approximately $1.19 billion, with an estimated floating profit of $349 million (+29%).

On October 4, 2023, Justin Sun took 80,251 ETH (worth US$131 million) out of Lido and moved it to Binance in the following four days. In the middle of October, the price of ETH dropped by roughly 5% after this.

Ethereum Price Skyrockets to $4K

The withdrawal of the Ethereum holdings by Justin Sun comes at a time when Ethereum prices have climbed above a significant level.

With its price reaching a significant milestone of $4,000, Ethereum is currently undergoing a significant rally. As of right now, the cryptocurrency is trading at $3,976.18, up 3.96% in the last day and 1.69% in the last week.

A 10.51% increase in 24-hour trading volume indicates that major traders are paying close attention to the market and that confidence in the asset is growing.

The surge coincides with a huge increase in the acceptance of Ethereum’s liquid restaking protocols. Throughout 2024, these protocols’ total value locked (TVL) increased at an exceptionally high rate.

Ethereum TVL Skyrockets 6,000%

Data from the DeFi aggregator DefiLlama shows that this year, the TVL in Ethereum liquid restaking protocols has increased by almost 6,000%.

Additionally, the rise in Ethereum’s TVL is consistent with general market patterns. Ethereum continues to be a popular option as both institutional and individual investors investigate the possibilities of staking because of its standing as a top smart contract platform.

Its liquid restaking protocols’ steady growth indicates that the network is not only developing technologically but also bolstering investor confidence.

With Ethereum trading close to $4,000, there are rumors that the cryptocurrency may soon surpass $5,000. This inquiry depends on a number of variables, such as the general mood of the market, the uptake of Ethereum-based solutions, and the sustained expansion of its DeFi.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest