TRON founder Justin Sun has made several transactions as the crypto industry bleeds amid selling pressure. According to records, he recently sent $320 million in ETH and other tokens to HTX. Observers feel he made the move to take advantage of HTX’s trading opportunities.
The global crypto market saw red on Monday as Bitcoin led the pack, dropping from $95,000 to $92,000. Despite this, the fear and greed index remains in the greed sentiment region. The cumulative crypto market cap has also dropped 2%, standing at $3.23 trillion.
Justin Sun makes strategic Ether moves
According to data shared by Spot Onchain, Justin Sun made a $320 million transfer in Ether and other tokens over 13 hours. The transactions included Ethereum worth $316 million, ether.fi worth $3.5 million, and EIGEN token worth $832k. The deposited Ethereum was worth $3,275, an increase over its accumulation price of $3,036. However, the move has been earmarked as an opportunity to stay alert in case of any trading opportunities.
Injections like that usually affect the trading volume and market depth. It may also cause volatility, and opportunities for traders, and create risks. However, Ethereum has been in the red for a while, dropping by 20% in the past month. Ethereum also dropped by 2% in the last 24 hours, signaling a bearish sentiment among traders. Ethereum is presently trading at $3,150, with its trading volume, standing at $17.6 billion, up by 57% in the last 24 hours.
Sun’s deposit spree causes a stir
Justin Sun has made a total of $1.1 billion worth of Ether deposits on HTX, putting the average price per token at $3,472. He purchased the tokens at $3,036 per token in the first half of 2024. He also made an earlier deposit of $97 million worth of Ether and EIGEN tokens in December 2024.
Sun has also unstaked $322 million worth of Ethereum from Lido Finance and Etherfi. He moved $245 million from the stash to HTX a day before Christmas. Another famous trader Arthur Hayes also unstaked and deposited $6.4 million worth of ENA tokens to Binance and Bybit. The transfer is coming after the token dropped by 9% in the last 24 hours. He initially accumulated $11 million worth of ENA tokens and staked them in November 2024.