đ¨ Alertâ Ethereum Falls as Justin Sun cashes out $143M ETH âCheck the full Storyđ¨
The crypto market is feeling the heat of bearish momentum. $ETH has had a rough week, and Justin Sun seems to be right in the middle of it. The Tron founder has been selling off his ETH holdings, and itâs creating ripples in the market. Over the past week, he sold $143 million worth of ETH. This is about half of his ETH holdings. His action resulted in a big price drop for Ethereum. The community has a lot of questions toward him. Is he playing some games that others are unaware of? There are many more questions behind a single question about why is ethereum falling.
Letâs explore the factors.
Justin Sun: Selling and Staking
Since November 10, heâs deposited 108,919 ETH into HTX (formerly Huobi), worth around $400 million, according to data by Spot on chain .Most of these deposits happened when prices were near their highs, averaging $3,674 per ETH.
Source : Spot on chain
Blockchain experts have noticed Sun is also unstaking large amounts of ETH. Specifically, 42,904 ETH, valued at $139 million, was unstaked from Lido Finance recently. People suspect he might move these funds to HTX as well. With so much activity, itâs no surprise Ethereumâs price has been struggling.
Ethereumâs Price Takes a Hit
Ethereum is currently trading at $3,304. Thatâs a 17% drop since its recent rejection at $4,000. In just the last 24 hours, itâs fallen another 2.19%. Trading volume is also down, dropping 8.57%.
Source : Coinglass
The sentiment in the market doesnât look great either. Most traders seem bearish. Futures data shows that 54% of open trades are short positions, and the long-short ratio is at 0.8495. But thereâs still a silver liningâ78% of Ethereum holders are in profit at the current price.