Jump Trading, a well-known cryptocurrency trading platform and market maker, has restarted its Ethereum (ETH) selling plan, selling more than 17,000 ETH at one time on Wednesday, with a total transaction amount of more than $46.44 million. The selling activity was exposed by blockchain analysis company Lookonchain on social media, and it was pointed out that these ETH originated from the Lido liquidity staking protocol and were carried out in batches of 2,000 ETH each time.
According to Lookonchain data, Jump Trading currently still holds about 21,394 wstETH (i.e. wrapped staked Ethereum), worth nearly $68.58 million, which indicates that more ETH may be sold to the market in the next few days.
This series of operations by Jump Trading has attracted widespread attention from market participants, especially after the continuous selling since July, and the market generally worries that this may lead to a new round of selling. Despite pausing for a few days in early August, the company apparently did not abandon its selling plan, which further exacerbated market tensions.
It is worth noting that another large-scale sell-off on August 5, involving 120,695 wstETH and a total value of up to $481 million, also caused a sensation in the market. The wstETH in this transaction was said to be recovered by Jump Trading from attackers who exploited the wormhole protocol vulnerability. After that, the company still had about 37,604 wstETH left for sale, worth about $104 million.
However, despite the frequent and large-scale selling activities of Jump Trading, the initial impact on the price of ETH did not seem significant. However, with the subsequent reaction of the market, the price of ETH did experience a certain degree of decline, quickly sliding from $2,775 to around $2,645, and hovering at this level. The market is currently in a consolidation phase. Whether ETH can effectively absorb these potential selling pressures in the next few days and whether more adverse factors will emerge remains unknown.
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