Tron founder Justin Sun has withdrawn 45,000 ETH from AAVE and deposited them into Lido for staking. At the time, his public wallet held more ETH than TRX.
- Justin Sun’s recent staking of $154.5 million has sparked bullish sentiment among traders as well as a shift away from lending and toward staking ETH.
- Data from Arkham and Nansen shows a shift in Sun’s wallet structure, with most of his holdings stored in staked ETH, TRX and other tokens. The move indicated that the wallet may be going through internal restructuring.
According to on-chain monitoring platform Arkham, the Tron founder has staked as much as $154.5 million worth of Ethereum from the AAVE blockchain on Nov. 6. Sun then deposited the ETH into Lido for staking, in the form of a Staked Ether Token contract or STETH.
By withdrawing and re-depositing his Ethereum (ETH) into AWETH and back into AAVE (AAVE), the platform’s AI Agent surmised that the transaction may be part of a larger attempt to internally restructure the wallet’s holdings.
After the transaction, Sun’s holdings on his public wallet showed that the Tron founder briefly held more Ethereum than his own protocol’s native token. At the time, his ETH holdings amounted to $534 million in value while his TRX (TRX) holdings were valued at $519 million.
According to data from Nansen, Sun’s public wallet currently has crypto holdings worth $2.57 billion combined. After the transaction, his holdings have been reorganized, with most of his wealth stored in TRX instead of ETH. On Nov. 6, Sun’s public wallet holds 2.4 billion TRX or equal to $702.2 million.
Meanwhile, Staked Ethereum (STETH) represents about $483.7 million of his holdings. Another $400 million is stored in USDT (USDT), while the rest of his holdings are divided among AETHWETH, STRX, STEAKUSDC, AETHUSDT, WLFI (WLFI) and other tokens.
Is Justin Sun going bullish on ETH?
Many traders under the comments section of Arkham Intelligence pointed out what Justin Sun’s decision to stake ETH through Lido (LDO) could mean for the outlook of the token. Some were quick to point out how often the Tron founder invests in ETH.
“Justin is more ETH pilled than ETH foundation,” said one trader.
“Man’s treating $ETH like it’s a savings account now, staking 45k ETH like it’s spare change in the couch cushions,” said another user in the comments section.
“Justin Sun staking 45k eth in Lido? Bullish signal for ETH long term,” wrote another trader.
Arkham’s AI agent, which scans through on-chain transactions within its monitoring system, pointed out that the move could signify “long-term bullish outlook on ETH.”
“The decision to earn staking rewards rather than selling, particularly during a period where ETH had experienced a notable price decline from $4.1k to approximately $3.4k in the proceeding week, underscores a conviction in ETH’s future performance and the value of yield generation,” said the platform’s AI-driven analysis.
At press time, ETH has slipped further down from the $3,400 threshold. Despite rising slightly by 2.24% within the past day of trading the token is still trading around $3,395. For the past week, ETH has been on a downward trend, declining as much as 12.6%.
Back in July, Sun made a similar move when ETH was on the decline. As previously reported by crypto.news, Sun’s public wallet moved 50,600 ETH ($181 million) from HTX into Binance. The ETH was redeemed from Aave by the HTX recovery wallet before it was transferred to an HTX hot wallet and moved into Binance.
At the time, ETH was seeing major whale accumulation which pumped the price by 20% in a weekly surge.
