Sun’s crypto wallet got a total of 15,805 ether from Lido’s withdrawal address on Thursday after asking for unstaking the tokens the day earlier, according to Arkham Intelligence
Crypto billionaire and Tron network founder Justin Sun pulled back $29.7 million of ether from liquid staking platform Lido Finance, then sent the tokens to crypto exchange Huobi, according to blockchain data.
Sun’s crypto wallet got a total of 15,805 ether from Lido’s withdrawal address on Thursday after asking for unstaking the tokens the day earlier, according to data from blockchain monitoring platform Arkham Intelligence.
A few minutes afterwards, the wallet deposited 15,815 ether to Huobi via an intermediary address, as per Arkham. Sending tokens to an exchange usually indicates intention to sell.
The transactions took place as ether, the second biggest cryptocurrency in terms of market value, rose nearly 16 per cent during the week, surpassing the $1,900 mark from a low of $1,630, according to CoinDesk data.
Crypto markets, led by bitcoin, rallied during the week as investors welcomed the news that a slew of traditional financial institutions took steps to get more involved with digital assets. BlackRock, the world’s biggest asset manager, filed to register a spot BTC ETF last Thursday. This week, banking giant Deutsche Bank applied for a crypto custody license in Germany, while new crypto exchange EDX Markets, backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities, introduced its trading platform.
In the meantime, bitcoin breached the $30,000 mark for the first time since April and was 19.5 per cent higher on the week. According to blockchain data, Sun also deposited 1,000 bitcoin to Huobi on Wednesday, when the token was trading around $29,000.
Sun’s digital asset holdings in labelled crypto wallets were worth $1.2 billion, according to Arkham. Following the transaction, the wallets still held 287,855 of Lido’s staked ether (stETH) tokens, worth around $543 million.
