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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/">Ethereum Under Pressure! Justin Sun’s $5.9M Transfer Sparks Selloff Fears</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Justin Sun, the renowned entrepreneur and founder of Tron, is once again making headlines with his significant maneuvers involving Ethereum (ETH). According to on-chain analytics provider Spot On Chain, Sun has allegedly moved a large portion of his Ethereum holdings from Lido to Poloniex, a major crypto exchange. This has ignited widespread speculation about a potential Ethereum selloff.</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>Observers were particularly stunned by the movement of 1,768 ETH, worth approximately $5.9 million, which was unstaked from Lido. Following this, a transfer of 810 ETH, valued at around $2.7 million, to Poloniex fueled further speculation about a selloff. The early July price drop for Ethereum, which saw a 10% decline, has intensified market concerns, contributing to an 8% drop in the global crypto market cap.</p> 
<h3 class="wp-block-heading" id="h-how-the-downturn-impacted-sun-s-holdings"><strong>How the Downturn Impacted Sun’s Holdings </strong></h3> 
<p>Spot On Chain’s report highlighted that Sun’s substantial ETH holdings were heavily impacted by the market downturn on July 5. Between February and June 2024, Sun acquired a total of 361,137 ETH through three separate wallets. However, the sharp market decline on July 5 led to a staggering $66 million loss from his previous gains. Despite a rebound following the launch of new ETFs, the fears surrounding a new Ethereum selloff are not without merit.</p> 
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   <p lang="en" dir="ltr">9 hours ago, Justin Sun allegedly withdrew 14,436 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> (~$45.5M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a>.<br><br>3 days ago, he deposited 45M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDT</a> to the CEX; therefore, this time's purchasing price was ~$3,117.<br><br>Overall, since Feb 8, he might have bought 377,188 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> at ~$3.049 via 3 wallets and now has an… <a href="https://t.co/wqhjvnXEGB">https://t.co/wqhjvnXEGB</a> <a href="https://t.co/ZNYFSqDSpu">pic.twitter.com/ZNYFSqDSpu</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1812296638393885115?ref_src=twsrc%5Etfw">July 14, 2024</a>
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<h2 class="wp-block-heading" id="h-negative-ethereum-etf-outflows">Negative <strong>Ethereum ETF Outflows</strong></h2> 
<p>Throughout the last week, Ether ETF flows have remained consistently negative. On July 29, Spot Ethereum ETFs recorded outflows of $98.3 million. Grayscale’s Ethereum Trust (ETHE) alone accounted for $210 million in outflows, triggering the outflow streak. Despite these mixed signals, Ethereum’s price has been relatively stable, fluctuating between $3,300 and $3,400. As of July 30, ETH dropped 1.04% to $3,325.16, with a market cap of $401 billion.</p> 
<p>Notable inflows were observed in BlackRock, Fidelity, and Bitwise, with figures of $58.2 million, $24.8 million, and $10.4 million, respectively. However, the broader Ethereum market experienced a selloff, with $33.58 million in long liquidations. This potential selloff, coupled with persistently negative ETF outflows, has created a complex market environment for Ethereum investors.</p> 
<p><strong>The World is Watching! </strong></p> 
<p>Sun’s strategic moves with ETH and the ongoing ETF outflows continue to generate interest and speculation. </p> 
<p><strong>What will be his next big step? The Ethereum market is in flux. What’s your next move?</strong></p>

Ethereum Under Pressure! Justin Sun’s $5.9M Transfer Sparks Selloff Fears

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