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.
