Amid the sustained bull market rally, Justin Sun is planning to accumulate a massive stack of Ethereum from Lido Finance
Justin Sun, the founder of Tron, has made news again in the crypto world. According to reports, he has applied to withdraw nearly 53,000 Ethereum (ETH) from Lido Finance, a platform for liquid staking. This news has led to speculation about its possible effects on Ethereum’s price, especially since the cryptocurrency is close to the $4,000 mark.
Sun’s Actions Could Impact ETH Prices
Notably, the timing of this move is important. Ethereum has recently seen a rise, increasing by 2% in value over the last 24 hours.
This growth comes from more interest from institutions and a positive mood in the market. However, Sun’s recent actions have caused some uncertainty. The prominent founder has also sold much Ethereum, leading to questions about his plans and strategies.
Likewise, his large ETH transactions often cause traders and analysts to speculate, as they can affect market sentiment and liquidity. If Sun buys 52,905 ETH, worth over $200 million at today’s prices, it could significantly impact the market. However, if Sun decides to sell later, it could push ETH prices down, especially since the market is sensitive to the actions of big investors.
In October, a group of investors known as the 7 Siblings made a huge ETH purchase. The whale investors acquired 28,120 ETH at an average price of $2,350 each, spending $66 million.
This mysterious group has become known for swooping in when the market is down. Their strategy is clear: buy big when prices dip and hold. Despite market volatility, the seven Siblings are bullish on Ethereum because it is the backbone of many blockchain-based innovations.
Ethereum to Reinforce its Leadership
Recall that the Ethereum Foundation (EF) recently released its financial report for 2024. The report showed that its treasury holds $970.2 million.
EF holds $788.7 million in crypto assets, mainly in Ether, and $181.5 million in non-crypto assets and investments. A key point from the report is that 99.45% of EF’s crypto holdings are in Ether. This shows that the foundation wants to be a long-term partner in the Ethereum ecosystem.
Meanwhile, Dogecoin co-founder Billy Markus triggered a community conversion on the prospects of ETH retesting its ATH very soon. Billy replied honestly to the prediction that Ethereum would reach a new all-time high. Moreover, Ethereum co-founder Vitalik Buterin uncovered new pivotal goals for the network’s future developments.
Buterin emphasized the need to improve Ethereum in four key areas: scalability, cross-chain compatibility, user experience, and security.
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