TRON founder Justin Sun has taken action to withdraw $28.8 million worth of Ethereum from Lido Finance. Justin Sun had staked 15,804 stETH on the liquid staking platform Lido Finance. Meanwhile, Sun’s stakes have gained 11.6% since February.
TRON inventor withdraws Ethereum from Lido Finance!
According to on-chain data, TRON (TRX) founder Justin Sun has moved to withdraw $28.8 million worth of Ethereum from Lido Finance. This move comes after Sun deposited 15,804 stETH on liquid staking platform Lido Finance. According to Martin Lee, an analyst at on-chain analytics platform Nansen, Sun expected the withdrawal of staked assets throughout the process.
Justin Sun just started the withdrawal process for his stETH
15804.72 stETH (~$25M), in the Lido withdrawal queue now pic.twitter.com/oSJWGAMiN2
— Martin Lee | Nansen 🧭 (@themlpx) June 21, 2023
Sun staked assets up 11.6%
The assets staked by the Tron inventor benefited from the strong increase in the value of Ethereum. Thus, Justin Sun has gained 11.6% since February. Since staking, Sun has earned an additional $192 per ETH.
Will Justin Sun, who makes serious profits, sell?
When Justin Sun staked stETH in February, the amount was 15,560. Won over 240 stETH from stake awards. Meanwhile, Justin Sun most likely sees the recent price hike as an opportunity. So experts think the Tron inventor will take advantage of this increase to make a sale.
Sun staked around 300,000 ETH in late February, when the ETH price was around $1,600. The Tron inventor has earned some serious staking rewards over a period of about 4 months. It also made a total profit of over $3.3 million with the price change in Ethereum. Considering that it has reached up to $ 1,900 in the current situation, Sun’s profit continues to increase.
The cryptocurrency market is going through tough times under regulatory pressure from the SEC. However, positive catalysts such as BlockRock’s spot Bitcoin ETF filing have brought a fresh air to the market. The leading crypto Bitcoin has even managed to pass the $ 30 thousand limit, registering a strong increase. This positive effect also affected the general market. Accordingly, leading altcoin Ethereum is up over 6% on a daily basis at press time. Thus, ETH made a strong run up to the $1,900 limit. The leading altcoin is up about 15% on a weekly basis.
