Ethereum [ETH] resists the downside despite Sun’s >$15M transfer
January 27, 2023
By Suzuki Shillsalot
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Tron founder Justin Sun transferred $15.5 million ETH out of his wallet to Poloniex.
Despite the exchange inflow, ETH was able to resist sell pressure.
On 25 January, Justin Sun transferred 10,000 worth of Ethereum [ETH] to his Poloniex account, Lookonchain disclosed. Such large transfers were usually with the intention to sell and probably push the asset price down. Still, the Etherscan information showed that the Tron [TRX] founder had $347 million worth of the altcoin.
The altcoin’s strength
Interestingly, ETH was able to resist the selling pressure. At press time, CoinMarketCap data showed that the altcoin registered a 3.47% uptick in the last 24 hours.
Furthermore, Glassnode data revealed that the Ethereum investor capitalization was 131.22 billion. The metric measures the difference between the realized cap and thermocap.
It also serves as an indicator to evaluate bottoms in bear markets. The information from the on-chain platform showed that the capitalization has steadied around the same region since November.
Despite Sun’s large inflow, Ethereum’s exchange inflow was not a notable exception. At the time of writing, the exchange inflow was 7300. This condition inferred that Sun only formed a part of those who transferred into exchanges, as others were minimal.
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