The well-known market maker Jump Trading seems to continue to cash out the Ethereum (ETH) it holds. According to information shared by on-chain data analyst Yu Jin on Wednesday (7th), Jump Trading's address transferred 11,500 ETH to the sale address. Valued at nearly $29 million.
In addition, Jump Trading continues to apply to redeem 19,049 stETH (Lido Staked ETH, representing ETH pledged in the liquidity staking protocol Lido) into ETH.
Ember explains this further:
Jump Trading's address responsible for unpacking and redeeming ETH transferred the 11,500 ETH applied for redemption on August 4 to the address responsible for subsequent transfer of ETH distribution to the centralized exchange (CEX).
Continue to transfer 16,210 wstETH (worth approximately $47.92 million) from the address where wstETH (Lido-wrapped stETH) is stored to the address responsible for unpacking and redeeming ETH, and continue to apply for redemption.
The address where wstETH is stored still has 21,394 wstETH (worth approximately $63.33 million) waiting for subsequent redemption and transfer.
Jump Trading transferred 11,500 ETH to the selling address and continued to apply to redeem 19,049 stETH into ETH. 1⃣The address responsible for unpacking and redeeming ETH by Jump Trading transferred the 11,500 ETH ($28.9M) redeemed on 8/4 to the address responsible for distributing ETH to CEX. 2⃣Continue to transfer 16,210 wstETH ($47.92M) from the address storing wstETH to the address responsible for unpacking and redeeming… https://t.co/6UPiIevhHp pic.twitter.com/lx5RXM0UZA
— Ember (@EmberCN) August 7, 2024
According to previous reports by Zombit, on-chain data shows that Jump Trading seems to have been selling Ethereum continuously since July 24. As of noon yesterday, the company may have withdrawn 606 million USDC stable coins from Binance and transferred 4.4 of them. Billions are deposited into the Coinbase exchange. It is speculated that these USD stablecoins may be liquidated through Coinbase at a ratio of 1:1.
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