Just-In: Tron’s Justin Sun Hints At Major Ethereum Selloff Amid ETF Outflows
Justin Sun, the founder of Tron DAO, has hinted at a significant Ethereum (ETH) selloff following a series of transactions that have drawn considerable attention. Sun unstaked a sizeable portion of his staked ETH reserve. Furthermore, he went on to transfer a part of this ETH to Poloniex, a prominent crypto exchange.
Justin Sun Teases Massive Ethereum Selloff
Onlookers were particularly intrigued by the movement of 1,768 ETH (worth approximately $5.9 million) unstaked from Lido, according to data by Peck Shield Alert. Furthermore, the subsequent transfer of 810 ETH, valued at around $2.7 million to Poloniex raised speculations of an Ethereum selloff. This transaction was executed through the Gnosis Safe Proxy.
Adding to the intrigue, Ethereum exchange-traded funds (ETF) flows have been persistently negative. On Monday, July 29, the Spot Ethereum ETFs recorded outflows amounting to $98.3 million. Moreover, Grayscale’s Ethereum Trust (ETHE) alone accounted for $210 million in outflows, accelerating the outflow streak.
However, notable inflows were observed in Blackrock, Fidelity, and Bitwise, registering $58.2 million, $24.8 million, and $10.4 million, respectively. Despite these mixed signals, Ethereum’s price has been relatively stable. The ETH price is currently fluctuating between $3,300 and $3,400 before settling back to $3,300.
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