On January 25, Justin Sun, the founder of Tron transferred 10,000 Ethereum (ETH) worth $15 million to his Poloniex account, Lookonchain revealed.
Transfers of this size are usually with the intention of selling and possibly pushing the asset price down. Etherscan’s information shows that the founder of Tron (TRX) still owns $347 million worth of ETH.
Also read: National Australia Bank to Launch Stablecoin on Ethereum Network, Algorand Blockchain
Furthermore, Glassnode data reveals that Ethereum investor capitalization is 131.22 billion.
This condition inferred that Sun only formed a part of those who transferred into exchanges, as others were minimal. Hence, there might be a cause for increased selling pressure to send the ETH price down.
The exchange outflow was, however, lower at 5211. This implied that not many investors had recently increased their ETH long-term holdings.
Ethereum validators ready for the Shanghai upgrade hit 500,000. However, the number seemed to have slowed down especially since it required 32 ETH to deposit into the Beacon chain.
