KeyTakeaways:
- Justin Sun moves 70,182 ETH to HTX as part of liquidity rebalancing.
- Sun maintains significant ETH holdings, including 106,905 staked ETH.
- Ethereum’s price rises amid a recovery, driven by the “Santa rally.”
On Christmas Eve, Justin Sun, the founder of the Tron blockchain, carried out another Ethereum (ETH) transfer to his affiliated crypto trading platform, HTX.
This latest move follows a series of similar transactions made over the past several weeks, coinciding with a slight recovery in the price of Ethereum.
According to the blockchain analytics platform Spot on Chain, Sun transferred 70,182 ETH, valued at approximately $244.9 million at the time of the transaction.
The Ethereum funds were sourced from unstaked ETH, primarily from Lido Finance and EtherFi. Specifically, Sun withdrew 42,905 ETH from Lido Finance and 27,277 ETH from EtherFi.
This transaction is part of a broader pattern of Ethereum transfers from Sun to HTX, which has occurred since November 10. Sun has deposited about 179,101 ETH, worth around $645 million, into the platform, often timing the deposits near local price peaks. The average price of Ethereum during these transactions was reported to be $3,601.
Despite the substantial volume of ETH moved to HTX, Spot on Chain confirmed that Sun still holds a significant amount of Ethereum, including 106,905 staked ETH (STETH) worth $372.4 million and 56,277 ETH in EtherFi worth $195.8 million.
Justin Sun Clarifies Intentions Behind the Transfers
While the scale of these transfers may raise questions, Justin Sun has issued a public disclaimer to clarify his actions. In contrast to the assumption that he may be liquidating assets, Sun emphasized that the transfers are part of an internal liquidity rebalancing strategy for HTX’s wallets.
He assured the public that these movements are not intended to signal an Ethereum offloading but rather are part of normal trading platform operations.
Sun also reiterated his commitment to the Ethereum ecosystem and expressed his long-term bullish outlook on the protocol. This statement aims to mitigate concerns about his intentions, particularly amid recent market fluctuations.
ETH Price Recovery and the Santa Rally
The timing of these transfers aligns with Ethereum’s recent price rebound, which has been part of a broader market trend known as the “Santa rally.”At the time of the transfer, Ethereum’s price had risen by 2.63%, moving from a low of $3,385 to a high of $3,535. This price movement is seen as part of an ongoing recovery, with analysts predicting potential for further gains as Ethereum enters a more bullish phase.
