Justin Sun moved over $320 million worth of cryptocurrency to the HTX exchange over a 13-hour period, according to blockchain analytics platform SpotOnChain. The transfers included substantial amounts of Ethereum (ETH) and restaking tokens like ETHFI and EIGEN.
The movement forms part of Sun’s larger portfolio restructuring, which has seen him deposit more than $1.124 billion worth of ETH to HTX since November 2024. These transfers coincide with his systematic withdrawal of staked ETH positions from major platforms Lido Finance and Etherfi.
Breaking down Justin Sun’s recent transfers
The latest cryptocurrency movement executed by Sun includes three major tokens with a combined value of $320.4 million. The primary transfer consisted of 96,591 ETH, valued at $316 million with ETH trading at $3,275.
The movement also included 1.864 million ETHFI tokens worth $3.54 million and 260,728 EIGEN tokens at $832,000. Blockchain data from SpotOnChain tracked these transfers occurring within a concentrated 13-hour window. The wallet activity shows a pattern of organized movements, with each transfer executed in sequence to maintain operational efficiency.
These transfers represent part of a larger pattern that has emerged since November 2024, during which Sun has moved over $1.124 billion worth of ETH to HTX. The transfers occurred at a time when ETH prices had risen above the accumulation price point from early 2024.
Unstaking operations and platform withdrawals
Sun’s exchange deposits followed a systematic withdrawal pattern from major staking platforms. On December 31, blockchain data revealed a request to unstake 96,580 ETH, valued at $322.7 million, from both Lido Finance and Etherfi.
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Earlier, during Christmas Eve, he completed the withdrawal and transfer of 70,182 ETH worth $244.9 million to HTX. This movement split into two parts: 42,905 ETH came from Lido Finance positions, while 27,277 ETH originated from Etherfi stakes.
The week before Christmas showed similar activity, with Sun redeeming 39,999 ETH ($143 million) from both platforms between December 16 and December 23. These unstaking operations occurred at a time when ETH traded around $3,275, notably higher than his early 2024 accumulation price of $3,036.
Market impact and strategic analysis
The large-scale movement of assets by Justin Sun to HTX carries several market implications. The timing of these transfers aligns with broader market trends, as December 2024 saw ETH trading well above the $3,000 mark.
His decision to unstake and move such large amounts from decentralized platforms to a centralized exchange suggests potential preparation for market opportunities or risk management strategies.
The accumulation pattern shows careful planning, with most ETH positions built during early 2024 at an average price of $3,036. The sequential nature of these transfers, spread across multiple days and platforms, indicates a methodical approach to minimize market impact.
Data from on-chain analytics platforms shows that Sun’s movements influenced market liquidity patterns. The unstaking of nearly 100,000 ETH from platforms like Lido Finance and Etherfi affected the staking ecosystem, potentially impacting staking rewards and platform metrics.
Looking ahead, these movements might signal shifts in Sun’s investment approach for 2025. The combination of unstaking activities and exchange deposits suggests preparation for increased trading activity or strategic repositioning.
Source: https://www.thecoinrepublic.com/2025/01/13/justin-sun-moves-320m-in-crypto-to-htx-a-breakdown-of-his-recent-deposits/
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