Tron founder Sun Yuchen recently revealed plans to acquire approximately 53,000 ETH from Lido, sparking discussions about its potential impact on Ethereum's price.
Tron founder Sun Yuchen recently planned to acquire approximately 53,000 ETH, sparking speculation in the market. Notably, at this time, the price of Ethereum is close to the 4,000 USD mark, having soared nearly 2% in the past 24 hours. Additionally, just after Sun Yuchen recently sold a large amount of ETH, investors were concerned about the potential impact this could have on the future price of the asset.
Tron founder Sun Yuchen plans to acquire 53,000 ETH
Tron founder Sun Yuchen's plan to acquire nearly 53,000 ETH has sparked heated discussions in the market. Notably, this move comes after Sun Yuchen recently sold a large amount of cryptocurrency, raising speculation about its potential impact on the price of Ethereum.
It is worth noting that the top on-chain analysis and trading tracking platform Spot On Chain reported the latest developments. According to the report, Sun Yuchen recently applied to withdraw 52,905 ETH from Lido, worth approximately 209 million USD. Notably, the report also pointed out that this move is part of the 392,474 ETH he has accumulated, which he 'allegedly' purchased through three wallets for about 1.19 billion USD between February and August.
At the same time, his current holdings of ETH show a profit of about 349 million USD, with a return on investment of 29%. Notably, after the cryptocurrency price touched 4,000 USD, Sun Yuchen sold 29,920 Ethereum to HTX exchange last week, worth approximately 119.7 million USD.
Will it affect the price of Ethereum?
The latest ETH price has surged over 2% in the past 24 hours, trading at 3,961 USD, with a single-day trading volume soaring by 11% to reach 30.5 billion USD. The cryptocurrency hit a 24-hour high of 4,020 USD, while its monthly increase stands at 27%. On the other hand, CoinGlass data shows that ETH futures open interest has surged nearly 5%, indicating strong market confidence in the asset.
However, Sun Yuchen's recent actions have sparked speculation about how he will handle his holdings of ETH next. Specifically, many market experts are discussing whether Sun Yuchen will continue to sell ETH in large amounts, which could affect the future price of Ethereum.
Meanwhile, despite the concerns, other market trends for Ether seem to be optimistic. For context, popular cryptocurrency market expert Ali Martinez recently stated that since the price of ETH soared to the 3,300 USD mark, ETH whales have been buying aggressively. Furthermore, a recent analysis indicated that ETH prices might target the next temporary 15,000 USD mark, which further fueled market sentiment.
