Crypto billionaire and Tron network founder Justin Sun withdrew $29.7 million worth of Ether (ETH) from liquid staking platform Lido Finance, according to blockchain data. Sun’s crypto wallet received 15,805 ETH from Lido’s withdrawal address on Thursday, after requesting to unstake the tokens the day before. A few minutes later, the wallet sent 15,815 ETH to Huobi crypto exchange through an intermediary address, which often signals intention to sell.
The transactions happened as ETH surged past $1,900, with crypto markets rallying due to traditional financial institutions making steps to get more involved with digital assets. BlackRock filed to register a much-coveted spot BTC exchange-traded fund last Thursday, while banking giant Deutsche Bank applied for a crypto custody license in Germany. Sun also deposited 1,000 BTC to Huobi early Wednesday, when the token was trading near $29,000.
According to Arkham Intelligence, Sun’s digital asset holdings in labeled crypto wallets were worth $1.2 billion. After the transaction, the wallets still held 287,855 of Lido’s staked Ether (stETH) tokens, worth some $543 million.