Tron (TRX) founder Justin Sun transferred 4,500 ETH (worth $6.96 million) from the Huobi exchange and staked it on the Lido platform.

Find out more on Ethereum and its accumulations and disposals. Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!  

In the last week, Sun applied to withdraw 80,251 ETH (worth $132 million) and transfer it to Lido, based on Crypto tracker, Lookonchain data. The cryptocurrency entrepreneur has already taken 43K ETH (worth $70 million) and deposited the tokens to Binance.

Separately, Sun staked 5,000 ETH (worth $7.87 million) into Lido.

This step concerned ETH holders whether Sun is underway to eliminate his complete ETH stake, which could lead to a sharp price drop in the token.

Read More: Ethereum Decreases More Than 3% Within 24 hours

Lookonchain data shows that 1,000 ETH (worth $1.64 million) has been deposited on the crypto exchange Bitstamp. It is also tracking the movement of a crypto address associated with Ethereum co-creator Vitalik Buterin.

Of the total 137,325 ETH withdrawals by Sun in the past month, the Lido platform saw staking of 90,070 ETH (worth $146 million). This clearly marks Sun’s confidence in the value of staking assets on Lido.

Read Next: Ethereum Falls Below $1,600 Amid Israel-Hamas War; Conflux, Bitcoin SV Among Top Losers

In the past year, Ethereum prices have seen a 22.1% surge while its market cap dominance stands at 17.2%.

Crypto analyst Ali Martinez posted on Twitter, “Ethereum is hovering above a critical demand zone. Keep a close watch, as a daily close below $1,530 could signal a steep correction ahead for ETH.”

Benzinga's Future of Digital Assets conference is scheduled for Nov. 14. Attend and learn more about crypto tokens. The gathering is seen as pivotal for the digital assets’ community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.