Justin Sun unstakes $30M of Ether from Lido and sends tokens to Huobi.

The founder of Tron network and a billionaire in the crypto industry, Justin Sun, withdrew $29.7 million worth of ether (ETH) from Lido Finance’s liquid staking platform and transferred the tokens to Huobi, a crypto exchange. According to data from blockchain monitoring platform Arkham Intelligence, Sun’s crypto wallet received a total of 15,805 ETH from Lido’s withdrawal address on Thursday after requesting to unstake the tokens the day before. A few minutes later, the wallet deposited 15,815 ETH to Huobi through an intermediary address, which often indicates an intention to sell.

These transactions occurred as the second-largest cryptocurrency by market capitalization, ETH, gained almost 16% during the week, surging past $1,900 from a $1,630 low, according to blockchain data. The crypto markets, led by bitcoin (BTC), rallied through the week as investors embraced traditional financial institutions’ involvement with digital assets. BlackRock, one of the world’s largest asset managers, filed to register a coveted spot BTC exchange-traded fund, while banking giant Deutsche Bank applied for a crypto custody license in Germany. Additionally, Fidelity, Schwab, and Citadel-backed crypto exchange EDX Markets opened its trading platform.

Blockchain data shows that Sun also deposited 1,000 BTC to Huobi early Wednesday when the token was trading near $29,000. Sun’s digital asset holdings in labeled crypto wallets are worth $1.2 billion, per Arkham. After the transaction, the wallets still held 287,855 of Lido’s staked ether (stETH) tokens, worth some $543 million.

Edited by Nelson Wang.

UPDATE (Jun. 22, 19:23 UTC): Adds context about the crypto market rally and Sun’s previous BTC transaction through the story.