TLDR:
- Justin Sun shifted 45,000 ETH worth $154.5M from Aave to Lido for staking.
- His public wallets now hold $534M in ETH, more than his TRX holdings.
- BitMine and wallet 0xca6 collectively added nearly $115M in Ethereum.
- ETH trades near $3,389 with analysts eyeing $2,600 as possible support.
Justin Sun, founder of Tron, made a large Ethereum move this week, drawing interest from on-chain analysts.
Data from Arkham Intelligence revealed he withdrew 45,000 ETH worth about $154.5 million from Aave and deposited the funds into Lido Staking. The transaction marks a renewed focus on staking by major holders despite market volatility.
Justin Sun Shifts Massive ETH Holdings
Sun’s public wallets now hold around $534 million in ETH, exceeding his $519 million worth of TRX, according to Arkham.
His move to Lido adds fresh liquidity to the platform and hints at confidence in Ethereum’s staking ecosystem. The deposits come as the market watches whale behavior closely following recent ETH price swings.
Whales and institutional traders have grown more active as Ethereum struggles to find direction. While Sun’s transactions made headlines, other wallets have followed suit with multi-million-dollar transfers into self-custody and staking addresses.
BitMine and Unknown Wallets Join Ethereum Accumulation
Blockchain tracker Onchain Lens reported that BitMine, a digital asset firm, acquired 20,205 ETH, valued at nearly $69.9 million, from Coinbase and FalconX. The accumulation aligns with broader whale interest in ETH following weeks of market correction.
Another wallet, identified as 0xca6, received 4,009 ETH from Galaxy Digital, adding to a total of 13,281 ETH now worth over $45.5 million. The growing concentration among these large holders has caught analysts’ attention as markets assess short-term price action.
According to CoinGecko, Ethereum trades near $3,389.30, with daily volume around $34.7 billion. The token has climbed about 2.09% in the last 24 hours but remains down 12.38% for the week. This volatile setup has analysts debating whether the token has reached a temporary floor.
Market analyst Yimin X suggested Ethereum could still face another leg lower. His chart shows a possible five-wave correction, with downside potential toward $2,600, an area with heavy volume support. Traders are eyeing this level closely while preparing for potential short-term bounces near $3,500.
