Thomas Daniels
On Christmas Eve, Tron founder Justin Sun sent HTX (previously Huobi) 70,182 ETH, worth $244.9 million. This was a huge Ethereum transfer.
This transaction involved 27,277 ETH from Etherfi and 42,905 ETH unstaked from Lido Finance, a decentralized liquid staking platform, according to Spot On Chain. At an average purchase price of $3,601 per ETH, the new deposit brings Sun’s total inbound transfers to HTX in December to 179,101 ETH, or $645 million.
This most recent action comes after Sun’s previous actions on December 23, when he deposited the entire sum into HTX after redeeming 39,999 ETH from Lido Finance and Etherfi, totaling $143 million. With an average acquisition price of $3,674 per ETH, these activities increased his total deposits to HTX since November 10 to 108,919 ETH, which is worth $400 million.
Remarkably, the transfer on Christmas Eve partially completes Sun’s request on December 16 to withdraw 52,905 ETH from Lido Finance, which was valued at $209 million at the time. As part of a larger investment plan, 392,474 ETH were purchased between February and August 2023 at an average price of $3,027 per ETH, resulting in a 29% profit.
Sun unstaked 80,251 ETH from Lido Finance in October 2023, transferring $131 million to Binance just days before Ethereum’s price dropped 5%. Additionally, he owns a sizable portfolio of Ethereum-based assets, which includes 56,277 ETH derivative tokens valued at $195.8 million and 106,905 staked ETH for $372.4 million.
Sun’s activities point to a strategic approach to Ethereum asset management that takes advantage of liquidity opportunities and price swings. His continuous actions continue to influence how the market views the staking and trading dynamics of Ethereum.
