Justin Sun made a request to withdraw 53,000 ETH from Lido
TLDR
Justin Sun has applied to exit Lido with 52,905 ETH (worth ~$209 million) which is 392,474 ETH purchased between February and August and recently sold 29,920 ETH worth $119.7 million to HTX after ETH reached $4,000 to the current price of $3,961 with a 27% monthly gain. With gains and a 2% 24-hour increase, ETH Futures open interest increased by 5%, indicating strong market confidence as well activity increased buying since ETH crossed $3,300.
Popular crypto icon Justin Sun is making waves in the Ethereum market and plans to earn approximately 53,000 ETH from Lido.
The withdrawal request came amid expectations that the price of Ethereum was trading at $3,961, up 2% in the past 24 hours. Transaction volume also showed strong growth, climbing 11% to $30.5 billion.
This latest move is part of a broader pattern for Ethereum stocks. Between February and August, Tron's founder reportedly amassed 392,474 ETH in three different wallets, investing nearly $1.19 billion.
Following his recent sale of 29,920 ETH to the HTX exchange, the timing of his latest buy request has drawn attention from market watchers. The transaction, valued at $119.7 million, occurred shortly after Ethereum's price hit the $4,000 mark.
Market data shows that his investment strategy has been profitable so far. Current holdings of ETH show an estimated profit of $349 million, which is a 29% return on investment. This performance is consistent with Ethereum's broader market strength, which has seen a monthly appreciation of 27%.
The cryptocurrency's technical indicators showed positive momentum. ETH Futures open interest increased approximately 5%, a measure that typically indicates strong market confidence in the asset's prospects.
These developments occur against the backdrop of institutional interest in Ethereum. Market analysts have noted an increase in whale activity, with large-scale buyers becoming more active after Ethereum breached the $3,300 price level.
His trading activity has historically influenced market sentiment, and his recent moves are being watched closely by traders and investors. The large amount of the planned purchase – 52,905 ETH for approximately $ 209 million – shows a significant position in the market.
Minriptop has shown resistance in recent trading sessions, maintaining a price level above $3,900. In the last 24 hours, ETH reached a high of $4,020, which showed its ability to maintain momentum near these price levels.
Trading volume metrics indicate healthy market participation, with sustained buying pressure supporting current price levels. An increase in trading activity indicates broad market demand, not large trading volume that drives the market.
Technical analysis of Ethereum price action shows that established support levels are firm, with resistance at the $4,000 mark continuing to be tested. The stability of asset prices has contributed to positive market sentiment at these levels.
Market data shows continued institutional participation, with activity in the distribution markets increasing. The growth in ETH Futures open interest provides evidence that traders are taking long positions in the asset.
On-chain metrics remain strong, with network activity and transaction volumes supporting current price levels. These basic indicators serve as key metrics of network health and adoption.
Spot trading volumes in major exchanges have shown steady growth, indicating continued market demand at current price levels. This broad-based participation shows that market depth has improved at a higher price point.
In the last 24 hours, Ethereum has held a position above key technical levels, indicating that the price action has continued buying pressure. Market order books show balanced trading activity, with both buying and selling pressure distributed across price ranges.
