Ethereum seems to be entering into a selling week, with its prices plummeting and many influential members of the crypto community selling off their Ethereum holdings.
One of which was Tron's founder, Justin Sun, who sent 70,182 Ethereum, which is worth $244.9 million on Christmas eve on Christmas Eve to HTX.
This got the community buzzing with questions: Why is he offloading so much ETH? Is there a hidden agenda behind these moves?
Since November 10, Justin Sun has deposited 108,919 ETH-worth around $400 million- into HTX, according to blockchain data from Spot on Chain. Most of these deposits happened when Ethereum's prices were near its recent highs, averaging $3,674 per ETH.
In addition, Sun recently unstaked 42,904 ETH from Lido Finance, valued at $139 million. There's speculation he may move these funds to HTX as well. Such large transactions are putting pressure on Ethereum's prices and the market is feeling the heat.
After a period of silence, Justin Sun has finally came out to address the recent report of his selling off his Ethereum holdings.
In a statement shared on his X (formerly Twitter) account, Sun refuted these claims, clarifying that the recent transfers were not liquidations but inter-wallet movements. He emphasized that such routine movements should not be misconstrued as sell-offs or market exits.
Justin Sun also stated that he is still optimistic about the future of Ethereum and he believes Ethereum will still continue to grow.
The speculation surrounding Sun’s transactions comes at a challenging time for Ethereum, which continues to struggle with price stability.
After failing to breach the $4,000 resistance level, ETH has been falling steadily, only just recently gaining 2.91% in the past day. Yet it remains 14.8% down on the seven-day chart and 0.07% on the 30-day chart.
While near-term prospects remain uncertain, Sun’s unwavering confidence in Ethereum’s long-term potential could be the light at the end of this very dark tunnel for Ethereum.
As a prominent figure in the cryptocurrency space, Sun’s endorsement of Ethereum could bolster investor sentiment despite the current challenges it is facing.
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