Justin Sun Sells 50% of Ethereum Holdings, Totaling $143 Million
Recent reports indicate that Justin Sun, founder of Tron, sold 50% of his remaining Ethereum (ETH) holdings, totaling $143 million, according to blockchain analytics firm Spot On Chain. This sell-off aligns with a broader trend as ETH prices have declined since failing to surpass the $4,000 resistance level, experiencing a 17% drop in recent weeks.
Ethereum Faces Uncertain Future amid Justin Sun’s Selling Spree
Spot On Chain data reveals that Sun redeemed 39,999 ETH through platforms like Lido Finance and EtherFi before depositing the entire amount into HTX (formerly Huobi Exchange). Since November 10, he has transferred at least 108,919 ETH to HTX, valued at approximately $400 million. Sun retains 42,904 ETH (about $139 million), currently unstaking from Lido Finance, which may also be deposited into HTX.
These significant sell-offs by a notable figure like Sun have intensified bearish sentiment surrounding Ethereum. Some market experts predict Ethereum's price could dip below $3,000 shortly. Analyst “IncomeSharks” noted a “low-volume weekend,” indicating unfavorable selling conditions. The On-Balance Volume (OBV) indicator suggests potential further dips, despite its current stability.
Hope for ETH?
Analysts suggest the bearish outlook may be temporary. Crypto strategist “I am Crypto Wolf” identified a potential inverse head-and-shoulders (iHS) pattern on the Ethereum price chart, which, if confirmed, could propel ETH beyond the $4,000 resistance. He forecasts a breakout by late January, although a retest of the $3,000 level may occur first. Recent buyers are still seeing profits, potentially providing temporary market support.
As of this publication, ETH is trading at $3,293.