Tron Founder’s Major ETH Move Sparks Market Speculation

Tron founder Justin Sun executed a significant transaction on November 6, withdrawing 45,000 ETH, valued at approximately $154.5 million, from the Aave protocol. According to on-chain monitoring platform Arkham, he immediately deposited the full amount into the liquid staking service Lido, receiving Staked Ether (stETH) in return.

The large-scale move temporarily altered the composition of Sun’s publicly known crypto wallet. For a brief period following the transaction, his Ethereum holdings, worth $534 million, surpassed the value of his Tron (TRX) holdings, which stood at $519 million. However, subsequent wallet reorganization has since re-established TRX as his primary asset.

According to data from Nansen, Sun’s public wallet now holds a combined $2.57 billion in crypto assets. His largest holding is currently 2.4 billion TRX, valued at $702.2 million, while his Staked Ethereum position is worth approximately $483.7 million. Another $400 million is held in USDT, with the remainder spread across various other tokens.

Analysts View Staking as a Positive Signal

Sun’s decision to stake a substantial amount of ETH rather than hold or sell it has been widely interpreted by market observers as a sign of a long-term positive outlook for Ethereum. The move is particularly notable as it occurred during a period of price decline for the asset.

Analysis from Arkham suggested that choosing to earn staking rewards indicates a conviction in Ethereum’s future performance and the value of yield generation. This strategy is consistent with Sun’s past actions. In July, during a similar market downturn, he moved 50,600 ETH (worth $181 million at the time) from HTX to Binance, a move that preceded a significant accumulation by major investors and a subsequent price increase.