Justin Sun Files Request for 53,000 ETH Withdrawal from Lido

TLDR

Justin Sun has applied to withdraw 52,905 ETH (worth ~$209 million) from Lido, part of a larger accumulation strategy involving 392,474 ETH purchased between February and August
Sun recently sold 29,920 ETH worth $119.7 million to HTX exchange after ETH reached $4,000
Current ETH price is at $3,961 with a 27% monthly gain and 2% 24-hour increase
ETH Futures Open Interest increased by 5%, suggesting strong market confidence
Whale activity shows increased buying since ETH crossed $3,300, with some analysts projecting future price targets

Prominent crypto figure Justin Sun is making waves in the Ethereum market with plans to acquire approximately 53,000 ETH from Lido, according to recent reports from on-chain analytics platform Spot On Chain.

The withdrawal request comes at a time when Ethereum’s price has maintained strong momentum, trading at $3,961 with a 2% increase over the past 24 hours. Trading volume has also shown robust growth, climbing 11% to reach $30.5 billion.

This latest move by Sun is part of a broader pattern of Ethereum accumulation. Between February and August, the Tron founder reportedly amassed 392,474 ETH through three different wallets, representing an investment of approximately $1.19 billion.

The timing of Sun’s latest acquisition request has drawn particular attention from market observers, as it follows his recent sale of 29,920 ETH to the HTX exchange. That transaction, valued at roughly $119.7 million, occurred shortly after Ethereum’s price touched the $4,000 mark.

Market data suggests Sun’s investment strategy has been profitable thus far. His current ETH holdings show an estimated profit of $349 million, translating to a 29% return on investment. This performance aligns with Ethereum’s broader market strength, which has seen a monthly appreciation of 27%.

The cryptocurrency’s technical indicators have shown positive momentum. ETH Futures Open Interest has increased by approximately 5%, a metric that traditionally signals strong market confidence in the asset’s prospects.

These developments occur against a backdrop of increased institutional interest in Ethereum. Market analysts have noted a surge in whale activity, with large-scale buyers becoming more active since Ethereum crossed the $3,300 price level.

Sun’s trading activities have historically influenced market sentiment, and his latest moves are being closely monitored by traders and investors. The substantial size of his planned acquisition – 52,905 ETH worth approximately $209 million – represents a notable position in the market.

The cryptocurrency has demonstrated resilience in recent trading sessions, maintaining price levels above $3,900 despite various market fluctuations. In the past 24 hours, ETH reached a high of $4,020, showcasing its ability to sustain momentum near these price levels.

Trading volume metrics indicate healthy market participation, with sustained buying pressure supporting current price levels. The increase in trading activity suggests broad-based market interest rather than isolated large trades moving the market.

Technical analysis of Ethereum’s price action shows established support levels have held firm, while resistance near the $4,000 mark continues to be tested. The asset’s price stability at these levels has contributed to positive market sentiment.

Market data reveals consistent institutional involvement, with derivatives markets showing increased activity. The growth in ETH Futures Open Interest provides evidence of traders taking longer-term positions in the asset.

On-chain metrics have remained robust, with network activity and transaction volumes supporting the current price levels. These fundamental indicators often serve as key measures of the network’s health and adoption.

Spot trading volumes across major exchanges have shown steady growth, indicating sustained market interest at current price levels. This broad-based participation suggests market depth has improved at higher price points.

The last 24 hours have seen Ethereum maintain its position above key technical levels, with price action suggesting continued buying pressure. Market order books show balanced trading activity, with both buying and selling pressure distributed across price ranges.