A notable Ethereum transaction occurred at a cryptocurrency address, allegedly belonging to Tron founder Justin Sun, roughly a year after his last known activity. According to on-chain data, address 0x176...0a132, linked to Sun, was used to unlock 5,000 $ETH via Lido.
Reportedly, the value of the assets was approximately $12.3 million at the time of the transaction. This deal is notable as it marks the first time Sun has unlocked this amount of stETH since July 18, 2025. According to blockchain data, the purpose of the transaction remains unknown.
Lido operates as a liquid staking protocol, allowing users to stake their Ethereum assets and receive stETH in return. Users can convert their stETH back to Ethereum under certain conditions. Therefore, the withdrawal of large amounts of stETH is one of the most noticeable events in the network, closely watched by market participants.
According to data, Justin Sun reportedly holds roughly 243,000 stETH on the blockchain. The total value of these assets is estimated at around $600 million. Although the size of this portfolio has slightly decreased following the recent transaction, Sun's significant role as a major holder within the Ethereum ecosystem persists.
It remains unclear whether the redemption request for 5,000 $ETH constitutes a direct sale. There can be various reasons why major investors liquidate their stETH positions, including portfolio rebalancing, a need for liquidity, or a change in investment strategy.
Market participants will be closely monitoring transfers from the address allegedly belonging to Sun in the coming days. This movement is considered particularly significant from a potential selling pressure perspective, especially if the redeemed $ETH is sent to centralized exchanges.
*This is not investment advice.
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