Coinspeaker
Jump Trading Prepares for Another Ethereum Sell-Off Transferring 17,049 ETH
Market maker and trading firm Jump Trading is preparing for another major ETH sell-off and has recently moved another 17,049 ETH worth a staggering $46.44 million. Blockchain analytics platform SpotonChain stated that the $46.44 million ETH claimed from the liquid staking protocol Lido is now out for sale. Furthermore, the platform also stated that Jump Trading still holds a total of 54,000 ETH worth approximately $148million million as the new wave of ETH sales begins again.
Jump Trading may start selling more $ETH soon!
An hour ago, @jumptrading unstaked 17,049 $ETH ($46.5M) from #Lido and moved them to the selling address “0xf58”.
Jump Trading has continued to redeem the last 21,394 $wstETH ($68.7M) into 25,156 $stETH but did not immediately… https://t.co/DCLj6osw3u pic.twitter.com/rI4csF6sja
— Spot On Chain (@spotonchain) August 14, 2024
On August 14, at 7:47 AM UTC, Jump Trading’s wallet address, as identified by SpotonChain, initiated the withdrawal of its ETH holdings from Lido. According to Etherscan, the wallet had remained inactive since August 9 at 3:09 PM UTC, but now shows a consistent pattern of ETH being withdrawn in batches.
Ethereum Manipulation Concerns on the Rise
Following these massive transfers, one of the users on the X platform stated that Jump Trading had transferred ETH back to their accounts while another user raised concerns regarding manipulation adding that the “firm just wants to buy more”.
Arkham data reveals the firm deposited 137.33 ETH (valued at $375,600) to Binance, 92,692 USDT to Gate.io, 223,724 USDC to Bybit, and 67,668 USDC to Coinbase. This movement of the funds hints at liquidity provision for trading activities across the exchange while nullifying the sell-off narrative currently in the market.
Earlier this month on August 5th, QCP Capital suggested that the aggressive sell-offs of ETH “from Jump Trading and Paradigm VC” could possibly trigger a market crash.
The Ethereum price has seen strong market volatility in the past two weeks, however, much of it has been due to the global macro developments in the market. The good thing is that the spot Ether ETFs have continued to attract inflows while drawing $24.3 million in net inflows on Tuesday. “All eyes are on tonight’s US CPI print. A soft CPI could support a recovery in risk assets like equities and crypto on the back of rate cuts by the Fed,” QCP Capital notes.
Jump Trading Prepares for Another Ethereum Sell-Off Transferring 17,049 ETH
