Justin Sun Says He’s Not Selling Ethereum Despite Price Crash

Highlights:

• Tron’s founder has reiterated confidence in Ethereum’s long-term potential amid recent price struggles.
• Sun said he will keep seeking opportunities to collaborate with Ethereum to build the industry together.
• Whales seem to have lost faith in Ethereum, evidenced by recent dumpings.

Tron (TRX) founder Justin Sun stated that the Tron Foundation will not sell any of its Ethereum (ETH) tokens despite the token’s recent struggles. The Tron founder made this disclosure in an April 17 tweet, sparking mixed reactions from market participants.

In the X post, Sun noted that Tron will continue seeking opportunities to collaborate with more Ethereum developers to build the industry together. Reacting to the Tron founder’s tweet, many X users praised him for sticking with Ethereum despite its unimpressive price actions.

Some users also urged Sun to collaborate with Ethereum’s founder, Vitalik Buterin, to increase ETH’s value. On the other hand, a few comments alleged that the Tron Foundation sold portions of its ETH holdings when it surged above $4,000.

ETH is currently at a low price, but we have no intention of selling our ETH holdings. Tron will continue to seek opportunities to collaborate with more Ethereum developers and build our industry together.

— H.E. Justin Sun 🍌 (@justinsuntron) April 17, 2025

Alleged ETH Selloffs and Sun’s Response

Rumours broke out in December 2023 that Sun had been dumping Ethereum tokens. Renowned on-chain tracker Spotonchain tracked the transactions, which it reported on its verified X handle. According to Spotonchain, the Tron founder withdrew 39,999 ETH worth approximately $143 million from Lido Finance and Etherfi.

The on-chain tracker noted that Sun dumped the tokens into HTX (formerly Huobi Exchange). Spotonchain also revealed that since ETH’s price began to go parabolic in November 2024, the Tron founder had dumped 108,919 ETH valued at about $400 million. Spotonchain added that most ETH sales occurred near local highs at an average price of $3,674 per coin. As of December 2024, Spotonchain mentioned that the Tron founder still holds 42,904 ETH, worth about $139 million.

The Tron founder dismissed the ETH allegations in December last year. In an X post, Sun said that the transactions involving the Tron Foundation wallet are aimed at moving Ethereum between different wallets. Still, in the same tweet, Sun echoed strong confidence in Ethereum’s potential as a profitable store of value.

Ethereum Dumping Spree Sparks Further Price Decline Concerns

While Justin Sun reiterated support for Ethereum’s long-term potential, whales and institutions are beginning to lose faith in the token. On April 17, Spotonchain reported that Galaxy Digital dumped an additional 12,181 ETH worth $19.02 million to Coinbase. Over the past five days, the on-chain tracker noted that Galaxy Digital moved 49,681 ETH, worth $79.36 million, to Centralized Exchanges (CEXs). Galaxy Digital sold these tokens at an average price of $1,597.

[Update] Galaxy Digital deposited an additional 12,181 $ETH (~$19.02M) to #Coinbase ~8 hours ago, during the dip.

This brings their total $ETH moved to CEXs over the past 5 days to 49,681 $ETH (~$79.36M) at an average price of $1,597.

Follow @spotonchain for more updates now! https://t.co/iXxCBveTPA pic.twitter.com/fY4JHzCCo8

— Spot On Chain (@spotonchain) April 17, 2025

In a separate tweet, Spotonchain reported that a whale unstaked and deposited all 8,922 ETH worth $14.8 million at a slight loss. The on-chain tracker explained that the dumping could be a case of panic sales since the whale also offloaded at the buttom following the Terra implosion.

After holding for over 2 years, a whale unstaked and deposited all 8,922 $ETH ($14.8M) into #Kraken at a slight loss ~11 hours ago.

However, it could be a case of panic selling, as the whale also offloaded at the bottom following the Terra collapse.

Follow @spotonchain for more… pic.twitter.com/H6RjQkMmVL

— Spot On Chain (@spotonchain) April 15, 2025

Ethereum’s Price Record Slight Declines

At the time of writing, Ethereum’s price is down 1.3% in the past 24 hours, trading at about $1,580. In the past 7 days, Ethereum’s price surged 1.9%, fluctuating between $1,548.41 and $1,677.74. Other extended-period price change variables showed that Ethereum dropped 12.1% 14-day-to-date, 18.3% 30-day-to-date, and 46.6% year-to-date.

Following the declines, Ethereum’s market capitalization dropped to about $191.06 billion. Its 24-hour trading volume depreciated by 23.26% to about $10.38 billion. Meanwhile, Crypto2Community’s April 17 ETH analysis noted that the token is struggling at $1602.9 resistance. The analysis added that breaking above this resistance will push ETH to hit price levels around $1,700.