Justin Sun’s Crypto Wallet Transfers $32.4 Million Worth of Ethereum to Binance
Justin Sun, the co-founder of Tron, has moved 20,000 Ethereum (ETH) valued at approximately $32.4 million from Lido Finance to Binance. This transaction was captured by The Data Nerd and shared on X on October 5. The transfer was executed in a single batch.
Ethereum Faces a 4% Drop as Bears Make a Comeback
Ethereum has experienced a 4% decline in the past three days, confirming the selling pressure observed on October 2. The daily chart shows a double bar formation with a bearish candlestick on October 2, completely reversing the gains made on October 1. This suggests that bears may be taking control, considering the recent draw-down and the level of participation on October 2 when the coin slipped.
Bitcoin and Ethereum Prices Still Boxed Within Bearish Range
Both Bitcoin and Ethereum prices plummeted in mid-August, leading to a cascade liquidation that spooked investors. Since then, ETH bulls have been unable to recover those losses. Despite relatively low trading volumes in the past two months, prices remain within the August 17 trade range, which is seen as a bearish signal.
Justin Sun’s Previous Stake in Lido Finance
In late February 2023, Justin Sun staked 150,000 ETH worth around $240 million to Lido Finance, marking the largest single-stake transaction at that time. As a result, Lido Finance had to activate the Staking Rate Limit feature, capping stake deposits at 150,000 ETH. This feature serves as a safety valve to address potential side effects such as rewards dilution without pausing stake deposits.
Hot Take: Justin Sun’s Crypto Wallet Moves $32.4 Million Worth of Ethereum to Binance
Justin Sun, the co-founder of Tron, has transferred a substantial amount of Ethereum from Lido Finance to Binance. This move raises questions about the market sentiment towards Ethereum, as its price has been under pressure recently. The decline in Ethereum’s value and the presence of bearish signals on the charts suggest that bears might be gaining control. Additionally, the fact that prices remain within a bearish range despite low trading volumes is concerning. Investors will be closely monitoring these developments to determine the future direction of Ethereum and its overall market performance.
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