- Justin Sun deposited $320 million in Ethereum and tokens to HTX in just 13 hours boosting platform liquidity.
- Sun’s ETH deposits at $3,275 each show a premium over earlier prices and could indicate a strategic market move.
- Ethereum supply is rising steadily reversing deflation trends and nearing pre-merge levels with 32,000 ETH remaining.
Justin Sun, the founder of Tron, has deposited $320.4 million in Ethereum and other tokens on the HTX platform. These transactions occurred within 13 hours and introduced significant liquidity to the market.
Sun deposited 96,591 ETH valued at $316 million. The price of ETH during the transaction was $3,275. He also moved 1.864 million ETHFI tokens worth $3.54 million at $1.9 per token. Additionally, he deposited 260,728 EIGEN tokens valued at $832,000 at $3.191 per token.
Impact on the Market
These deposits could influence trading volumes and market depth on HTX. The large amounts suggest Sun may be positioning himself strategically on the platform. The transactions occurred within a short time frame, which could create volatility in the market. This could lead to opportunities and risks for traders.
The price of $3,275 per ETH suggests a premium over earlier accumulation costs. Reports show Sun acquired most of his ETH at $3,036 during the first half of 2024. This indicates a favorable trend that aligns with his strategy.
Market Indicators and Trends
Ethereum’s Relative Strength Index has shown overbought levels in the past 24 hours. This could signal price corrections or continued upward momentum. The deposits are expected to increase trading activity on HTX, potentially affecting bid-ask spreads and creating arbitrage opportunities.
Since November 10, Sun has deposited 323,591 ETH worth $1.124 billion on HTX. These assets were acquired at an average price of $3,472. The continued deposits may be part of a long-term market strategy.
Changes in Ethereum Supply
Ethereum’s supply has shown steady increases. It is now 32,000 ETH away from pre-merge levels. The supply has grown by 45,000 ETH monthly, reversing earlier deflationary trends. Demand for ETH has remained low despite rate cuts.
Traders and analysts are watching these developments closely. The movements on HTX could set new trends in the market in the coming days.
The post Justin Sun Deposits 96,591 ETH and Tokens Worth Millions to HTX Exchange appeared first on Cryptonewsland.
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