Entrepreneur Justin Sun has significantly increased his Ethereum holdings, staking $154 million worth of ETH and surpassing his Tron (TRX) holdings in his public wallet. This bold move comes in the aftermath of a market dip on November 5 and highlights a strategic accumulation approach during a period of reduced network staking activity.
Sun’s Ethereum Holdings Now Exceed TRX
According to Arkham Intelligence, Justin Sun’s public wallet now contains approximately $534 million in Ethereum, surpassing the $519 million value of his TRX holdings. This reallocation signals a long-term confidence in Ethereum, with a clear shift in portfolio allocation from the Tron ecosystem toward ETH. Sun primarily holds ETH in the form of staked ETH (STETH), balancing yield generation with capital flexibility.
45,000 ETH Staked via Lido After Market Dip
On November 5, Sun withdrew 45,000 ETH from Aave and staked it through Lido, representing a total value of roughly $154.5 million. This occurred as Ethereum’s price dropped 12% to $3,166 amid a $230 billion market downturn over 48 hours. Instead of liquidating, Sun augmented his position, exemplifying a “buy-the-dip” strategy. By the time of reporting, ETH had rebounded to around $3,400, suggesting short-term effectiveness of this approach.
Transitioning from Aave to Lido allowed Sun to shift from a lending/borrowing position to a staking position that generates yield while receiving STETH, which can be traded or used as collateral in DeFi.
Lido and STETH Maximize Staking Liquidity
Sun opted for Lido instead of direct staking, obtaining STETH tokens that provide liquidity and flexibility. Lido is the leading liquid staking protocol in terms of total value locked, allowing users to earn staking rewards while retaining the ability to utilize STETH within decentralized finance applications. Ethereum staking yields via Lido typically range from 3–4% per year, depending on network conditions.
STETH tokens may trade at a temporary premium or discount relative to ETH and carry smart contract risks. Lido’s documentation provides transparency regarding staking rewards and potential risks.
Accumulating During a Low Staking Period
Data from Glassnode shows that new ETH staking has dropped significantly, from 250,000–325,000 daily deposits in August to around 9,000 per day in early November. Sun’s 45,000 ETH stake coincided with this network-wide decline, a period often associated with market bottoms and accumulation by large investors. Historical patterns indicate that whale staking activity increases during price dips, as seen in August when ETH approached $5,000, and again in early November at $3,166.
Reduced staking activity can also improve supply dynamics by decreasing future selling pressure from validators, as lower rewards may discourage immediate liquidation.
Sun’s Diversified Multi-Billion-Dollar Portfolio
Arkham Intelligence reports that Justin Sun’s on-chain assets exceed $1.76 billion across multiple holdings. In addition to his ETH and TRX positions, he holds $439 million in Bitcoin, $98.6 million in Aave-wrapped ETH, and $67 million in WLFI (World Liberty Financial, a token linked to Donald Trump projects). This portfolio combines foundational assets, yield-bearing instruments, and thematic stakes.
| Asset | Estimated Value (USD) | Source |
|---|---|---|
| Ethereum (mainly STETH) | $534 million | Arkham Intelligence |
| Tron (TRX) | $519 million | Arkham Intelligence |
| Bitcoin (BTC) | $439 million | Arkham Intelligence |
| Aave-wrapped ETH | $98.6 million | Arkham Intelligence |
| WLFI | $67 million | Arkham Intelligence |
| Total On-chain Assets | > $1.76 billion | Arkham Intelligence |
Why This Signals Long-Term Ethereum Accumulation
Staking differs from passive holding, as it locks up capital to earn yield and signals conviction. When a prominent investor increases staking during a market trough, it indicates confidence in the next cycle, reduces liquid supply, and allows reinvestment of rewards while maintaining DeFi flexibility through STETH. Historically, periods when institutional flows enter staking amid negative sentiment often offer attractive risk/reward ratios.
Nonetheless, risks remain, including price volatility, technical issues, and STETH/ETH market discrepancies. Investors must consider gas fees, annual percentage rates, and price spreads to optimize opportunity costs.
Key Details: Numbers, Timing, and Platforms
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Amount staked: 45,000 ETH (~$154.5 million)
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Date: November 5, 2025
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Platform: Lido (after withdrawal from Aave)
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Purpose: Receive STETH for liquidity and yield while maintaining capital flexibility
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Impact: ETH holdings surpass TRX in Sun’s public wallet
Frequently Asked Questions
Q: How much ETH did Justin Sun stake and when?
A: He staked 45,000 ETH through Lido on November 5, immediately after withdrawing from Aave, worth approximately $154.5 million.
Q: Does he now hold more ETH than TRX?
A: Yes. His public wallet shows $534 million in ETH compared to $519 million in TRX.
Q: Why choose Lido instead of direct staking?
A: Lido provides STETH tokens representing staked ETH, which can be traded or used as collateral in DeFi while still earning staking rewards.
Q: What is the current ETH staking yield?
A: Typically around 3–4% per year, varying with network conditions and validator activity.
Q: What is the state of network-wide ETH staking?
A: Early November saw a sharp decline to roughly 9,000 daily deposits, down from 250,000–325,000 in August (Glassnode).
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