In a recent move, Justin Sun, the founder of TRON, made significant deposits to the HTX exchange, totaling $320.4 million in Ethereum (ETH) and two associated tokens, $ETHFI and $EIGEN. The transaction comes as part of his ongoing accumulation strategy, which has seen him deposit billions into the platform since November 10, 2024.
According to Spot On Chain,Over the past 13 hours, Sun transferred the following assets to HTX: 96,591 ETH ($316M) at an average price of $3,275, 1.864 million $ETHFI ($3.54M) at an average price of $1.9, 260,728 $EIGEN ($832K) at an average price of $3.191
This influx of tokens highlights Sun’s continued involvement in the crypto market, particularly his strategic use of HTX. The recent deposit is a part of a larger trend where, since November 10, Sun has sent over 323,591 ETH ($1.124 billion) to HTX at an average price of $3,472 per ETH. The majority of these assets were acquired at an average price of $3,036 earlier in 2024.
Transaction Strategy, Unstaking Plans, and Holdings Diversification
Sun’s deposits have been strategically timed, often occurring near local price peaks. This suggests that Sun is closely monitoring market trends and aiming to capitalize on favorable conditions. In addition to his ETH holdings, Sun’s involvement with the $ETHFI and $EIGEN tokens further diversifies his portfolio and exposure within the broader crypto ecosystem.
In addition to his deposits, Sun has also made significant moves to unstake portions of his ETH holdings. He recently requested to unstake 96,580 ETH ($322.7M) from both Lido Finance and Etherfi, likely for further deposits into HTX. This unstaking activity is expected to continue, as Sun has repeatedly demonstrated a preference for HTX as his platform of choice for asset management.
On Christmas Eve, Sun transferred 70,182 ETH ($244.9M) to HTX, including 42,905 ETH unstaked from Lido Finance and 27,277 ETH from Etherfi. This particular transfer adds to his growing presence on the platform and underscores his strategy of maintaining liquidity and flexibility in his crypto investments.
Despite his aggressive strategy of depositing ETH into HTX, Sun retains a significant portion of his holdings outside the exchange. As of now, Sun holds 106,905 $STETH ($372.4M) and 56,277 $EETH ($195.8M). These tokens are primarily staked, with 25,000 $ETH ($87M) being unstaked from Etherfi for potential use in future transactions.
Since November 10, 2024, Justin Sun has deposited more than 227,000 ETH ($807M) into HTX at an average price of $3,556. His ongoing strategy of depositing ETH during price surges, coupled with his diversified token holdings, reflects his adaptive approach in navigating the volatile cryptocurrency market. With ongoing unstaking activities and plans for further deposits, Sun’s influence in the crypto space remains significant, positioning him as a key player in Ethereum’s ecosystem and beyond.
