Crypto entrepreneur Justin Sun has initiated a substantial withdrawal request of 52,905 ETH (worth $209 million) from Lido Finance's liquid staking, marking another major move in his Ethereum trading strategy that has already netted him an estimated $349 million in profits.
The withdrawal comes as part of Sun's broader Ethereum investment approach, where he accumulated 392,474 ETH between February and August 2024 at an average price of $3,027 per token. With current ETH prices hovering around $4,000, his strategy has yielded impressive returns.
This latest withdrawal follows a pattern of large-scale ETH movements by Tron's founder Sun. In October 2023, he withdrew 80,253 ETH (approximately $131 million) from Lido and transferred it to Binance, coinciding with a subsequent 5% drop in ETH prices.
Market analysts are closely watching this development, as previous large withdrawals by Sun have preceded price fluctuations. The withdrawal process through Lido's staking queue typically takes between 1-5 days to complete, giving markets time to react.
The scale of the withdrawal has drawn attention to Lido Finance's role in Ethereum's ecosystem. As a liquid-staking protocol managing over 30% of all staked ETH, Lido plays a central role in Ethereum's Proof-of-Stake infrastructure.
Beyond Ethereum, Sun has shown active portfolio management across other cryptocurrencies. He recently deposited $964,000 worth of EIGEN tokens to the HTX exchange, suggesting a broader strategy of managing liquidity across various digital assets.
The crypto community remains watchful of Sun's next moves, as his trading activities have historically influenced market dynamics. While the withdrawal request is pending in Lido's queue, traders and investors are preparing for potential market impacts once the funds become available.