TLDR
- Justin Sun has applied to withdraw 52,905 ETH (value ~$209 million) from Lido, part of a larger accumulation strategy involving 392,474 ETH purchased between February and August
- Sun recently sold 29,920 ETH worth $119.7 million to the HTX exchange after ETH hit $4,000
- Current ETH price is at $3,961 with a 27% monthly gain and 2% 24-hour increase
- ETH Futures Open Interest increased by 5%, indicating strong market confidence
- Option activity shows increased buying since ETH passed $3,300, with some analysts projecting future price targets
The prominent crypto figure Justin Sun is making waves in the Ethereum market with plans to acquire around 53,000 ETH from Lido, according to recent reports from on-chain analytics platform Spot On Chain.
The withdrawal request comes at a time when Ethereum’s price has maintained strong momentum, trading at $3,961 with a 2% increase over the past 24 hours. Trade volume has also shown robust growth, climbing 11% to $30.5 billion.
This latest move by Sun is part of a broader pattern of Ethereum accumulation. Between February and August, the Tron founder reportedly amassed 392,474 ETH through three different wallets, representing an investment of around $1.19 billion.
The timing of Sun’s latest acquisition request has drawn particular attention from market observers, as it follows his recent sale of 29,920 ETH to the HTX exchange. That transaction, valued at about $119.7 million, occurred shortly after Ethereum’s price hit $4,000.
Market data suggests that Sun’s investment strategy has so far been profitable. His current ETH holdings show an estimated profit of $349 million, representing a 29% return on investment. This performance is in line with Ethereum’s broader market strength, which has seen a monthly appreciation of 27%.
The cryptocurrency’s technical indicators have shown positive momentum. ETH Futures Open Interest has increased by around 5%, a measure that traditionally signals strong market confidence in the asset’s future prospects.
This development takes place against the background of an increased institutional interest in Ethereum. Market analysts have noted an increase in option activity, with large-scale buyers becoming more active since Ethereum breached the $3,300 price level.
Sun’s trading activities have historically influenced market sentiment, and his recent moves are closely watched by traders and investors. The significant size of his planned acquisition – 52,905 ETH worth around $209 million – represents a remarkable position in the market.
The cryptocurrency has shown resilience in recent trading sessions, holding price levels above $3,900 despite various market fluctuations. In the last 24 hours, ETH reached a high of $4,020, demonstrating its ability to maintain momentum near these price levels.
Trading volume metrics indicate healthy market participation, with sustained buying pressure supporting current price levels. The increase in trading activity indicates broad market interest rather than isolated large trades moving the market.
Technical analysis of Ethereum’s price action shows that established support levels have held, while resistance near the $4,000 mark continues to be tested. The asset’s price stability at these levels has contributed to positive market sentiment.
Market data shows consistent institutional engagement, with derivatives markets showing increased activity. The growth in ETH Futures Open Interest provides evidence that traders are taking long-term positions in the asset.
On-chain metrics have remained robust, with network activity and transaction volumes supporting current price levels. These basic indicators often serve as key measures of network health and adoption.
Spot trading volumes across major exchanges have shown steady growth, indicating continued market interest at current price levels. This broad participation indicates that market depth has improved to higher price levels.
The past 24 hours have seen Ethereum maintain its position above key technical levels, with price action indicating continued buying pressure. The market’s order books show balanced trading activity, with both buying and selling pressure distributed across price ranges.
