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<p>The post <a href="https://coinpedia.org/news/ethereum-news-eth-sell-off-speculation-heats-up-with-justin-suns-5-9m-transfer-to-poloniex/" rel="noopener noreferrer nofollow">Ethereum News : ETH Sell-Off Speculation Heats Up with Justin Sun’s $5.9M Transfer to Poloniex</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Justin Sun, the renowned entrepreneur and founder of Tron, has invited another scoop, with a second significant move involving Ethereum (ETH). Popular on-chain analytics provider Spot On Chain reports that Sun has allegedly transferred a large percentage of his Ethereum (ETH) deposit from Lido to Poloniex, a major crypto exchange. This has led to widespread Ethereum selloff speculation.&nbsp;</p>
<p>What’s Sun’s endgame? Will this bold move trigger a market shift? Dive deeper to unpack more.</p>
<h2 class="wp-block-heading" id="h-the-big-withdrawal-what-s-happening"><strong>The Big Withdrawal – What’s Happening?</strong></h2>
<p>Onlookers were particularly shocked by the movement of 1,768 ETH, worth approximately $5.9 million, unstaked from Lido. Furthermore, the subsequent transfer of 810 ETH, valued at around $2.7 million, to Poloniex raised speculations of a selloff. The early July price drop for Ethereum, which saw a 10% decline, has further fueled market speculation. This downturn contributed to an 8% drop in the global crypto market cap.</p>
<h3 class="wp-block-heading" id="h-sun-s-eth-buying-history"><strong>Sun’s ETH Buying History</strong></h3>
<p>A report by Spot On Chain revealed that Sun’s massive ETH holdings were severely impacted by the market downturn on July 5. Between February and June 2024, Sun <a href="https://x.com/spotonchain/status/1812296638393885115" rel="noopener noreferrer nofollow">purchased </a>a substantial amount of Ether, totaling 361,137 ETH through three separate wallets. However, the market’s sharp decline on July 5 turned his previous gains into a staggering $66 million loss. Despite a rebound following the launch of new ETFs, the latest Ethereum selloff concerns aren’t groundless.</p>
<h2 class="wp-block-heading" id="h-ethereum-etf-outflows"><strong>Ethereum ETF Outflows</strong></h2>
<p>Moreover, for the entire last week, Ether ETF flows have been constantly negative. On July 29, the Spot Ethereum ETFs recorded outflows amounting to $98.3 million. Having said that, Grayscale’s Ethereum Trust (ETHE) alone accounted for $210 million in outflows, igniting the outflow streak. Despite these mixed signals, Ethereum’s price has been relatively stable, currently fluctuating between $3,300 and $3,400. At press time, the ETH price dropped 1.04% to $3,325.16 on July 30, with a market cap of $401 billion.</p>
<p>While notable inflows were observed in BlackRock, Fidelity, and Bitwise, registering $58.2 million, $24.8 million, and $10.4 million, respectively, the broader Ethereum market noted a selloff with $33.58 million long liquidations. This potential selloff, along with persistently negative ETF outflows, has created a complex market environment for Ethereum investors.</p>
<p>His strategic moves with ETH and ETF outflows continue to generate interest and speculation. What will be his next big step? The crypto community will undoubtedly be watching closely.</p>
<p>Market mover? Share your thoughts on Sun’s impact!</p>

Ethereum News : ETH Sell-Off Speculation Heats Up with Justin Sun’s $5.9M Transfer to Poloniex

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