Justin Sun, the founder of Tron, has transferred 45,000 ETH to Lido. The public wallet of Justin Sun held more TRX than ETH.
You can read more about it here:
- Justin Sun’s recent stake of 154.5 million dollars has prompted a positive sentiment from traders and a switch away from lending towards staking ETH.
- Arkham and Nansen data show a change in Sun’s wallet, where most of Sun’s assets are held in staked tokens like TRX, ETH or other tokens. It was possible that Sun’s wallet is going through an internal restructuring.
Arkham is a platform that monitors blockchain activity. According to Arkham, Tron’s founder staked $154,5 million in Ethereum off the AAVE chain on Nov. 6th. Sun deposited ETH to Lido in order to stake it, as a Staked Ether Token or STETH contract.
Withdrawing his Ethereum and then re-depositing it (ETHIt is possible to convert AAVE back into AWETH (AAVEAI Agent ) is the AI Agent of the Platform surmised This transaction might be part a bigger attempt to restructure wallet holdings.
Sun’s public wallet revealed that he briefly had more Ethereum in his holdings than the native token of his Tron protocol. Sun’s ETH held at the time was worth $534 million, while TRX tokens (which he called “Tron”) were valued at only $1.TRXHoldings valued at $519,000,000.
The following is a list of data Sun has a public wallet that currently holds crypto assets worth over $2.57billion. His holdings were reorganized after the transaction. The majority of his wealth is now stored in TRX rather than ETH. Sun’s publicly accessible wallet held 2.4 Billion TRX on Nov. 6. This is equal to $702.2 Million.
Staked EthereumSTETHUSDT ( a currency he holds in excess of $483.7million) is another $400 million. USDT also holds $400,000,000.USDTThe rest is divided between AETHWETH (the majority), STRX (the remainder), STEAKUSDC AETHUSDT and WLFI.WLFIOther tokens.
Is Justin Sun going bullish on ETH?
Arkham Intelligence has a section for comments where traders have commented on what they think. Justin Sun’s Lido – decision to stake ETHLDO() can mean to the future of the token. Some pointed out that the Tron co-founder invests ETH frequently.
“Justin is more ETH pilled than ETH foundation,” “Said one trader.”
“Man’s treating $ETH like it’s a savings account now, staking 45k ETH like it’s spare change in the couch cushions,” “, said another commenter in the comments section.
“Justin Sun staking 45k eth in Lido? Bullish signal for ETH long term,” Another trader wrote to me.
Arkham AI’s agent scans on-chain transactions in its monitoring system and points out the possible significance of this move. “long-term bullish outlook on ETH.”
“The decision to earn staking rewards rather than selling, particularly during a period where ETH had experienced a notable price decline from $4.1k to approximately $3.4k in the proceeding week, underscores a conviction in ETH’s future performance and the value of yield generation,” The platform uses AI to analyze data.
As of press time, ETH had slipped Further down, the threshold of $3400. The token, despite a slight rise of 2.24% in the last day’s trading is still valued at $3395. ETH is on a downtrend, with a decline of up to 12.6% over the last seven days.
Sun took a similar step in July when ETH’s value was declining. As before reported Sun’s wallet was reported by crypto.news to have moved 181 million dollars worth of ETH from HTX over to Binance. The ETH from Aave was redeemed by the HTX Recovery wallet, before being transferred to an HTX Hot wallet and then moved into Binance.
ETH’s price soared by 20 percent in a week due to a major accumulation of whales.
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Source: crypto.news
