Jump Trading’s $480 million ETH sale impacts the crypto market, causing a notable downturn.
Ethereum’s price is $2,546.96, up 3.15% in the last 24 hours, showing resilience amidst the market crash.
Lido wstETH’s price stands at $2,972.83, rising by 2.66% in the last 24 hours, despite market turbulence.
Jump Trading’s recent sale of $480 million in ETH has caused a substantial downturn in the crypto market. Over the past week, the Chicago-based trading firm has sold large amounts of Ethereum that was counter-exploited from the Wormhole Hacker in February 2023. This transaction led to a considerable sell-off, with potential plans to sell yet another $104 million worth of digital assets.
At press time, Ethereum’s price stands at $2,546.96, with a 24-hour trading volume of $28,772,207,108. It has risen by 3.15% in the last 24 hours, with a market cap of $306,289,343,508. The circulating supply of ETH coins is 120,256,977.
Besides, Jump Trading has been linked to the current market crash by QCP Group, a prominent digital asset trading group in Singapore. The crypto division of Jump Trading has transferred hundreds of millions of dollars worth of digital assets to exchanges for a sizable sale. It is reported that the firm has sold over $377 million worth of Wrapped Lido Staked ETH (wstETH) since July 24, coinciding with Ether’s price decline.
Jump Trading is selling 120,695 $wstETH($481M) and has sold 83K $wstETH($377M) since July 24, leaving 37,604 $wstETH($104M).The market also began to fall after July 24, falling by more than 33%!According to reports on June 20, the US #CFTC is investigating Jump Trading.… pic.twitter.com/pOoGZknUDh
— Lookonchain (@lookonchain) August 5, 2024
Notably, Jump Trading is under investigation by the US Commodities and Futures Trading Commission (CFTC). Kanav Kariya, the firm’s president, stepped down from his role on June 24. The investigation and leadership change add more complexity to the situation.
Consequently, the price of Lido wstETH is $2,972.83, with a 24-hour trading volume of $75,907,498. Lido wstETH has increased by 2.66% in the last 24 hours, with a market cap of $10,824,749,441 and the circulating supply of WSTETH coins is 3,641,231.
Jump Trading’s substantial ETH sale has impacted the crypto market. The ongoing investigation by the CFTC and the leadership change further complicate the situation. As the market reacts, Ethereum and Lido wstETH prices have shown some resilience in the past 24 hours.
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