Tron Founder Justin Sun Unstakes $30M of Ether from Lido, Sends Tokens to Huobi
Crypto wallets linked to Sun still hold some $543 million in Lido’s stETH token, according to Arkham Intelligence data.
Crypto billionaire and Tron network founder Justin Sun withdrew $29.7 million of ether () from liquid staking platform , then sent the tokens to crypto exchange Huobi, blockchain data shows.
Sun’s crypto wallet a total of 15,805 ETH from Lido’s withdrawal address on Thursday after requesting to unstake the tokens the day before, data by blockchain monitoring platform Arkham Intelligence shows.
A few minutes later, the wallet deposited 15,815 ETH to Huobi through an intermediary address, according to Arkham. Sending tokens to an exchange often signals intention to sell.
The transactions happened as ETH, the second largest cryptocurrency by market capitalization, gained almost 16% through the week, surging past $1,900 from a low of $1,630, CoinDesk shows.
, led by bitcoin (), rallied through the week as investors cheered the news that a slew of traditional financial institutions to get more involved with digital assets. BlackRock, the world’s largest asset manager, to register a much-coveted spot BTC exchange-traded fund (ETF) last Thursday. This week, banking giant Deutsche Bank for a crypto custody license in Germany, while new crypto exchange EDX Markets, backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities, its trading platform.
Meanwhile, BTC's price broke the $30,000 level for the first time since April and was up 19.5% on the week. Blockchain data shows that Sun also deposited 1,000 BTC to Huobi early Wednesday, when the token was trading near $29,000.
Sun’s digital asset holdings in labeled crypto wallets were worth $1.2 billion, per Arkham. After the transaction, the wallets still held 287,855 of Lido’s staked ether () tokens, worth some $543 million.
Edited by Nelson Wang.
UPDATE (Jun. 22, 19:45 UTC):Adds context about the crypto market rally and Sun's previous BTC transaction.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
As the crypto market recovers in 2025, Digital Asset Treasury (DAT) firms and protocol token buybacks are drawing increasing attention. DAT refers to public companies accumulating crypto assets as part of their treasury. This model enhances shareholder returns through yield and price appreciation, while avoiding the direct risks of holding crypto. Similar to an ETF but more active, DAT structures can generate additional income via staking or lending, driving NAV growth. Protocol token buybacks, such as those seen with HYPE, LINK, and ENA, use protocol revenues to automatically repurchase and burn tokens. This reduces circulating supply and creates a deflationary effect. Key drivers for upside include institutional capital inflows and potential Fed rate cuts, which would stimulate risk assets. Combined with buyback mechanisms that reinforce value capture, these assets are well-positioned to lead in the next market rebound.
Trending news
MoreCrypto prices
More
