Justin Sun, the founder of Tron, moved 70,182 Ethereum (ETH) worth $244.9 million to HTX (formerly Huobi) on Christmas Eve. The transaction, highlighted by Spot On Chain, included 42,905 ETH unstaked from Lido Finance, a decentralized liquid staking platform. An additional 27,277 ETH came from Etherfi, bringing his total deposits to HTX in late December to 179,101 ETH, valued at $645 million.
Details of the Christmas Eve Transaction
The latest deposit follows a series of significant Ethereum movements by Sun. On December 23, he redeemed 39,999 ETH, worth $143 million, from Lido Finance and Etherfi, depositing the entire amount into HTX. This brought his total deposits to HTX since November 10 to 108,919 ETH, valued at $400 million.
On December 16, Sun initiated a withdrawal of 52,905 ETH from Lido Finance, worth $209 million. These transactions form part of his broader strategy to purchase 392,474 ETH between February and August at an average price of $3,027 per ETH, yielding a 29% profit.
Sun’s Ethereum Strategy
Sun’s Ethereum activity underscores his significant holdings and strategic maneuvers. In October, he unstaked 80,251 ETH, worth $131 million, from Lido Finance and transferred it to Binance just before a 5% dip in Ethereum’s price.
Currently, Sun holds substantial Ethereum-related assets, including 106,905 staked ETH worth $372.4 million and 56,277 ETH derivative tokens valued at $195.8 million.
A Calculated Approach
Justin Sun’s Ethereum transactions reflect a carefully executed strategy aimed at maximizing returns while leveraging staking protocols and market dynamics. With substantial holdings and frequent high-value movements, Sun continues to be a major player in the cryptocurrency space.
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