Justin Sun, founder of Tron DAO, has hinted at a major Ethereum (ETH) selloff after unstaking a significant portion of his staked ETH reserve. Sun unstaked 1,768 ETH (approximately $5.9 million) from Lido and transferred 810 ETH ($2.7 million) to Poloniex, a major crypto exchange.
This move raises concerns as Ethereum exchange-traded funds (ETFs) have seen persistent outflows. On July 29, Spot Ethereum ETFs recorded outflows of $98.3 million, with Grayscale’s Ethereum Trust (ETHE) alone accounting for $210 million.
Despite these outflows, inflows from Blackrock, Fidelity, and Bitwise totaled $93.4 million. Ethereum’s price remains stable, fluctuating between $3,300 and $3,400.
The combination of Sun’s actions and ETF outflows could signal a pivotal moment for Ethereum’s market dynamics.
