Justin Sun Stress Long-term ETH Holdings

During recent price slides, crypto entrepreneur Justin Sun has restated his bullish grip on Ethereum (ETH).

Crypto entrepreneur Justin Sun has restated his bullish grip on Ethereum (ETH) during recent price slides. The Tron Network executive has sparked diverse reactions within the community owing to on-chain digital asset movements and partnerships to facilitate wider adoption, as Ethereum continues sideways movement following its price correction alongside Bitcoin.

Justin Sun Stresses Long-term ETH Holdings

In a recent post on X (formerly Twitter), Justin Sun quashed concerns over offloading a portion of his Ethereum holdings. Large amounts of ETH flowing from Sun’s wallet to HTX had earlier raised questions among crypto enthusiasts. The fund transfers included assets from Lido Finance and EtherFi, adding to rumours of a sale.

However, Sun clarified that it wasn’t a sale but merely a transfer between wallets. Typically, transfers from other custodians to exchanges are characterized as potential sales due to the ease of transactions, while movements to other custodians signify long-term holdings. The transfer to HTX sparked these concerns, mounting the shift in sentiments.

The Tron executive has remained bullish on the second-largest cryptocurrency with previous asset movements. Nevertheless, Sun has shifted 108,919 ETH to HTX following the November polls. These inflows came during the price rally following Donald Trump’s victory.

Bitcoin hit new highs above 90K, driving up other crypto assets. Even though Ethereum didn’t hit an all-time high, the largest altcoin attracted substantial inflows, taking the price above $4K. This led to some traders cashing out as the wider market’s profit-taking surged. On the contrary, some traders remained bullish on the asset, tipping a price surge above $5K to close the year.

“The rumors circulating online about us liquidating ETH are false. This is simply a transfer of ETH between our different wallets. We remain long-term bullish on the Ethereum ecosystem,” Justin Sun tweeted.

What’s Next For ETH Price?

The last few days have been bearish for ETH prices and other crypto assets. Total liquidation topped $2 billion, sparking doubts over more peaks in the bull cycle. Despite negative trading hours, hourly trading shows a resurgence of positive signals as many metrics remain green.

Ethereum has posted slight gains in the last 24 hours, while other top altcoins have pulled larger numbers. A key factor behind the drive in ETH remains institutional investor activities adding funds to a string of weekly inflows. Altcoin traders are still warned about a patch of sideways trading before a bull swing.