Justin Sun’s Massive Ethereum Play Sends Shockwaves Through the Market

Tron founder Justin Sun has recently ignited fresh speculation in the crypto market with his intentions to acquire a substantial amount of Ethereum.

The move comes after a period of volatility, with Ethereum trading close to $4,000 and experiencing a notable 2% uptick in its price over the last 24 hours. This announcement follows a major selloff by Sun, where he offloaded a large portion of his Ethereum holdings, raising questions about how his actions may influence the price of the digital asset in the near future.

According to recent blockchain data, Sun is looking to withdraw nearly 53,000 ETH – worth around $209 million – from the staking platform Lido. This would be a part of his broader strategy to accumulate Ethereum, as reports suggest he has already acquired a total of 392,474 ETH, purchasing the tokens over several months from February to August at a cost of about $1.19 billion.

Despite the recent selloff, which saw Sun part with almost 30,000 ETH, his overall holdings are still showing impressive profits, with an estimated return of $349 million—about 29% on his investment.

The timing of Sun’s moves has raised eyebrows, especially as Ethereum’s price continues to see upward momentum. As of now, ETH is trading at $3,942, and its trading volume has surged by 11%, reflecting growing market confidence. Analysts are now questioning whether Sun will continue liquidating his ETH holdings or if he plans to hold his position.

The concern is that additional sales could put downward pressure on Ethereum’s price, particularly as his previous actions have coincided with price fluctuations.