Ether price remained stable on Tuesday after witnessing a major crash on the weekend. Jump Trading which intensified the ETH crash had cashed out $116.7 million over the last day leaving investors in a pool of uncertainty.
The second-largest crypto by market value plunged by over 20% on August 5, 2024, as a wallet linked to Jump Trading moved 17,576 ETH (approx. worth $46 million) to centralized exchanges. Ether price went on to hit a seven-month low under $2,100 following the massive move.
Jump Trading cashes out $116M
As per the latest data, Jump Trading has cashed out more than $116 million from Coinbase in multiple transactions. It began selling Ether on July 24 and later withdrew 611.78 million USDC from the biggest crypto exchange, Binance, while, it deposited 558.2 million USDC to Coinbase.
Jump Trading had redeemed 83,091 wstETH ($341 million) into 97,600 stETH and unstaked 86,059 stETH (approx. worth $274 million) from Lido Finance since July 25. The firm then deposited a net 72,213 ETH (approx. worth $231 million) to various exchanges.
Ether price registered a decline of more than 24% in the last 7 days which depicts the impact of the recent massive sell-off in the market. Eth price drop comes in when the much anticipated spot ETFs linked to its price began trading.
The second biggest crypto price dipped by 17% over the last 30 days. Ether is trading at an average price of $2,509, at press time. Its 24 hour trading volume is down by 42% to stand at $24.83 billion.
Ether ETFs turn green
Spot Ether ETFs saw a combined $98.4 million inflow on August 6. This has been their best day since the launch on July 23. BlackRock’s Ether ETF (ETHA) saw $109.9 million in inflows over the last day bringing its total inflows to $869.8 million since launching on July 23. This marked the iShares Ethereum Trust’s third biggest flow day.
Fidelity’s spot Ethereum ETF had the second largest inflow at $22.5 million. Grayscale Ethereum Mini Trust and Franklin Ethereum ETF saw $4.7 million and $1 million in inflows, respectively.
ETH ETFs have now seen 2 consecutive days of positive flow indicating a buy the dip opportunity among the investors. These investment products have seen a very rough 2 weeks of outflow. The first week recorded an outflow of $341.35 million, while, it saw a $169.35 million outflow in the second week. However, the third week of trading has managed to print the green index with an inflow of $147.03 million till now.
Source: SoSoValue
Grayscale Ethereum Trust (ETHE) has amassed a cumulative negative flow of $2.20 billion, asserting pressure over the other players’ performance.
