Blockchain data reveals that cryptocurrency billionaire and founder of the Tron network Justin Sun took $29.7 million worth of ether (ETH) from liquid staking platform Lido Finance before sending the tokens to cryptocurrency exchange Huobi.After requesting to unstake the tokens the day before, Sun’s cryptocurrency wallet on Thursday got a total of 15,805 ETH from Lido’s withdrawal address, according to data from blockchain monitoring company Arkham Intelligence.A little while later, according to Arkham, the wallet sent 15,815 ETH through a middle address to Huobi.Tokens sent to an exchange frequently indicate a desire to sell.
According to CoinDesk data, the trades took place as ETH, the second-largest cryptocurrency by market capitalization, increased by roughly 16% over the course of the week, pushing past $1,900 from a low of $1,630.The week saw a rise in cryptocurrency prices, headed by bitcoin (BTC), as investors celebrated the news that numerous traditional financial institutions were taking efforts to become more involved with digital assets.The biggest asset manager in the world, BlackRock, submitted an application last Thursday to establish a highly sought-after BTC exchange-traded fund (ETF).In the same week that new cryptocurrency exchange EDX Markets, supported by Fidelity Digital Assets, Charles Schwab, and Citadel Securities, opened its trading platform, banking giant Deutsche Bank asked for a crypto custody license in Germany.
BTC’s price was up 19.5% on the week and soared beyond $30,000 for the first time since April.Blockchain data reveals that early on Wednesday, while the token was trading close to $29,000, Sun also made a deposit of 1,000 BTC to Huobi.According to Arkham, Sun held digital assets in designated crypto wallets worth $1.2 billion.The wallets still have 287,855 Lido staked ether (stETH) tokens, worth about $543 million, after the transaction.