Justin Sun, the founder of Tron (TRX), has reportedly applied to withdraw 52,905 ETH (currently valued at 209 million dollars) from Lido Finance (LDO). This amount is part of a total of 392,474 ETH acquired at an average price of 3,027 dollars from three different wallet addresses between February and August 2023. Sun’s investments have resulted in a current profit of 349 million dollars, representing a 29% increase.
Sun’s Previous Similar Transactions with Lido Finance
Sun has previously attracted attention with similar transactions involving Lido Finance. On October 4, 2023, he made headlines by unstaking 80,251 ETH (currently valued at 131 million dollars) and transferring it to the cryptocurrency exchange Binance.
$1,776This transfer occurred just before a 5% drop in ETH’s price, interpreted as a strategic repositioning before market fluctuations.
Potential Effects of Strategic Trades on the Market
The total of 392,474 ETH collected by Sun between February and August aligns with market price movements. Despite price fluctuations, Sun spent approximately 1.19 billion dollars on these acquisitions, achieving strategic gains. It is noteworthy that this investment currently reflects a 29% profit.
Sun’s substantial ETH transactions could create significant activity in the Ethereum market, often referred to as the king of altcoins. Market participants are currently busy assessing the potential impacts of this move. However, it is essential to emphasize that the effects on the market will become clearer only after the completion of these withdrawal transactions.
