Sun Yuchen's "cash ability" on the chain is well known, and every move of his wallet is continuously tracked.

Public project information and on-chain data show that the wallet associated with Sun Yuchen has taken the first place in Puffer Finance's points since February and became the top airdrop recipient of EigenLayer in April. On May 4th, Sun Yuchen also deposited 120,000 eETH into the Ethereum liquidity re-staking protocol Swell L2, worth $376 million. It is worth noting that this transfer of eETH accounted for 46.6% of the total deposits in Swell L2.

According to on-chain analyst Yu Jin's statistics, the total value of Sun Yuchen's related addresses holding encrypted assets is approximately $4.165 billion. In terms of large-scale purchases, from December 26, 2023, to April 24, 2024, Sun Yuchen accumulated 323,799 ETH through withdrawals from CEX and on-chain purchases, worth approximately $10.248 billion, with an average price of $2,942. This is seen as a bullish move on the future price trend of Ethereum by the market.

This article from PANews takes stock of Sun Yuchen's recent on-chain operations, looking at how this crypto whale is accumulating on-chain wealth and what assets he has purchased.

Frequent On-Chain Activities: Depositing $376 Million Worth of eETH into Swell L2

Recently, Sun Yuchen has shown a strong interest in the Ethereum ecosystem's re-staking projects, participating in four re-staking projects: Swell L2, Ether.Fi, EigenLayer, and Puffer Finance.

The latest development is his deep involvement in the re-staking protocol Swell L2. On May 5th, according to AI Aunt @ai_9684xtpa's monitoring, an address 0x7a9…3095 associated with Sun Yuchen deposited 120,000 eETH worth $376 million into Swell L2. These eETH are deposit certificates for depositing ETH into the EtherFi liquidity re-staking protocol. As of around 5 pm on May 6th, the total deposit amount in Swell L2 reached $9.3645 billion, with 34,378 depositors. Sun Yuchen's personal staking funds accounted for 46.6% of the total deposit amount in Swell L2.

Swell L2 is the liquidity re-staking project of the Swell Network's Layer 2 Rollup chain, which is set to be launched in Q3 of this year. At the launch of Swell L2, depositors in the pre-launch phase will receive SWELL airdrops, which can be used to receive future airdrops from protocols built on Swell L2.

In March of this year, Sun Yuchen's address also interacted with Ether.Fi, depositing 120,000 ETH five days before the end of the Ether.Fi airdrop event and receiving 22,000 ETHFI, worth $105,000. As of May 6th, the wallet holds 48,374.30 ETH.

In addition to participating in Swell L2 and Ether.Fi, on April 30th, according to data from Spot On Chain, Sun Yuchen became the biggest winner among the top airdrop recipients of the first season of $EIGEN, collecting a total of 3,559,570 $EIGEN. Assuming the fully diluted market value (FDV) of the Eigenlayer project is approximately $15 billion (similar to Ethena), the price of $EIGEN could reach around $10, making these recipients potentially earn millions of dollars.

Sun Yuchen's fourth re-staking project this year is Puffer Finance. On February 19th, the Puffer Finance website showed that the staking amount of Puffer Finance exceeded $1 billion, with over 200,000 participating addresses, with Sun Yuchen ranking first in points. Puffer Finance is the first native liquidity staking protocol on the EigenLayer platform. Sun Yuchen's actions have also amazed the community: "Does Brother Sun always grab airdrops like this?"

Sun Yuchen's frequent on-chain operations in the staking and re-staking race have also sparked heated discussions in the community. In response to this, on April 30th, Sun Yuchen made a statement on X platform, sharing his vision for staking and re-staking. He emphasized their growth potential and their ability to attract global attention.

He said, "Restaking and staking businesses have achieved very fruitful results through long-term development. In the future, they will be spun off into independent brands, independently operated entities, and independently operated to empower all blockchain staking businesses. They will also seek external financing, accept investments from top international investment institutions, and the group's profits will also benefit users, developers, communities, and co-build prosperity!"

In addition to these traceable staking activities, there are rumors in the community that Sun Yuchen has made large-scale investments in the Bitcoin L2 project Merlin, although this has not been confirmed, his HTX and Tron have both reached cooperation with Merlin.

Purchasing Approximately $10.248 Billion Worth of ETH Within 6 Months

In addition to investing a large amount of assets in the re-staking race, Sun Yuchen has also frequently transferred on-chain assets and purchased ETH. On-chain analyst Yu Jin @EmberCN analyzed Sun Yuchen's asset transfer activities during the bull market. First, between December 7, 2023, and January 30, 2024, he destroyed 1 billion TUSD through the address TT2T…kU9N, which was likely due to Binance no longer supporting the use of TUSD for new coin mining. Then, between December 9, 2023, and February 23, 2024, he minted 21 billion USDT.

Most of these minted USDT flowed into Binance, and between December 9, 2023, and April 3, 2024, a total of 2.525 billion USDT was transferred to Binance.

After transferring USDT to Binance, Sun Yuchen began to continuously buy ETH and withdraw it to his Ethereum wallet.

After analysis, from December 26, 2023, to April 24, 2024, Sun Yuchen accumulated 323,799 ETH through CEX withdrawals and on-chain purchases, worth approximately $10.248 billion, with an average price of $2,942. According to Yu Jin's analysis, as of April 23rd, Sun Yuchen collectively held approximately $4.165 billion in assets through multiple Tron and Ethereum addresses, with the top three being 598,900 ETH (worth $1.902 billion), 5.364 billion TRX (worth $602 million), and 458 million USDD (worth $458 million).

On May 1st, Sun Yuchen's phased ETH bottom-fishing seemed to have ended. According to AI Aunt's monitoring, within 5 hours, two of Sun Yuchen's associated addresses began to withdraw USDT from Binance, totaling 67.65 million USDT, with 30.37 million USDT being deposited back into JustLend.

Sun Yuchen recently stated that the likelihood of Ethereum spot ETF approval in May is low because such cryptocurrencies require "long-term education" with regulatory agencies. Nevertheless, Sun Yuchen's large-scale investment in Ethereum has sparked speculation about its potential impact on the price trend of Ethereum. With Sun Yuchen holding a large amount of ETH, investors expect a positive shift in market sentiment, potentially driving Ethereum's price into a recovery phase.

Overall, the frequent on-chain asset transfers and purchases have once again drawn attention to Sun Yuchen's whale holdings. According to data from the blockchain intelligence platform Arkham, as of May 7th, Sun Yuchen's crypto wallet holds $1.085 billion, ranking first in individual on-chain crypto asset holdings, surpassing LHV Bank founder Rain Lohmus, Ethereum co-founder Vitalik Buterin, and others. His holdings mainly include $280 million in USDD, $253 million in TRX, $124 million in BTT, $92.79 million in BTC (1457 coins), $11.14 million in SHIB, $6.62 million in WIN, and $3.85 million in FLOKI.

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