Justin Sun moved $1.1 billion of Ether to HTX since November

Justin Sun, the founder of Tron, made several massive crypto transactions over the last 24 hours while the market bled under increased selling pressure. He deposited $320.4 million worth of Ethereum (ETH) and restaking tokens on HTX. Observers suspect this is a tactical move by the crypto mogul to leverage HTX’s trading opportunities.

The global digital asset market printed red indexes on Monday morning as Bitcoin took a nose dive straight from $95,000 to the $92,000 zone. The fear and greed index remains in the “Greed” sentiment range among investors. The cumulative crypto market cap is down by over 2% over the last day to stand at $3.23 trillion.

Justin Sun makes Ether moves

As per data shared by Spot Onchain, Justin Sun moved $320.4 million worth of ETH and restaking tokens on HTX in a span of 13 hours. The transaction details included 96,591 ETH (worth approximately $316 million), 1.864 million ether.fi (ETHFI) tokens (worth approximately $3.54 million), and 260,728 EIGEN tokens (worth approximately $832K).

Sun deposited Ether at an average price of $3,275 per ETH, reflecting a premium over earlier accumulation prices ($3,036). It could be a tactical move on Justin Sun’s part to keep trading opportunities in sight.

Such massive liquidity injections can impact market depth and trading volumes. The timing might also spark volatility, creating risks and opportunities for traders.

Justin Sun (@justinsuntron) deposited $320.4M worth of $ETH and #restaking tokens, $ETHFI and $EIGEN, to #HTX in the past 13 hours, including:

• 96,591 $ETH ($316M) at ~$3,275
• 1.864M $ETHFI ($3.54M) at ~$1.9
• 260,728 $EIGEN ($832K) at ~$3.191

Overall, since Nov 10, he has… https://t.co/58uC0M1k2i pic.twitter.com/oMNbWZsbem

— Spot On Chain (@spotonchain) January 13, 2025

Ether has printed red boxes all around. It is down by 20% in the last 30 days, depicting a bearish sentiment among traders. ETH price dropped by another 2% over the past 24 hours. The second biggest crypto is trading at an average price of $3,150 as of press time. Its 24-hour trading volume is up by 57% to stand at $17.6 billion.

Sun on the deposit spree

Justin Sun has deposited 323,591 Ethereum (worth approximately $1.122 billion) to HTX in a short span of time. His cumulative deposit came at an average price of $3,472. He accumulated the ETH tokens in question for approximately $3,036 in the first half of 2024.

Earlier, he deposited a batch of 29,153 Ether (worth approximately $96.7 million) and 249K EIGEN (worth approximately $884K) to HTX on December 31, 2024.

Sun has also requested to unstake 96,580 ETH (worth approximately $322.7 million) from Lido Finance and Etherfi at that time. He transferred 70,182 ETH (worth approximately $245 million) to HTX on Christmas Eve. This included 42,905 ETH unstaked from Lido Finance and 27,277 ETH from Etherfi.

Another famous name in the world of crypto, Arthur Hayes also moved ahead to unstake and deposit 7.9 million ENA (worth approximately $6.44 million) to Binance and Bybit. This comes as ENA price dropped by 9% over the last day. He accumulated 16.79 million ENA at an average price of $0.666 (worth approximately $11.19 million) and staked them for rewards in late November 2024.

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