The post Jump Trading Dumps $29M in Ethereum: Is This the Start of a Price Plunge or a New Bottom? appeared first on Coinpedia Fintech News
Ethereum (ETH) price might face another decline following reports that Jump Trading, the crypto division of a Chicago-based trading firm, has unstaked 11,500 ETH, worth $29 million. These funds have been moved to a known wallet, possibly indicating upcoming deposits to centralized exchanges.
Jump Trading Unstake $29 Mln in ETH
According to Spot On Chain, Jump Trading has successfully unstaked 11,500 ETH, valued at $29 million, from Lido Finance reflecting a notable shift in their investment strategy.
Jump Trading successfully unstaked 11.5K $ETH ($29M) from Lido Finance and continued to redeem 16,210 $WSTETH into 19,049 $STETH in the past hour.Note that the 11,500 $ETH has been transferred to the wallet "0xf58" which they often use to deposit $ETH to CEX.Currently, Jump… https://t.co/oZnrtNqr88 pic.twitter.com/EHP50yqbEA
— Spot On Chain (@spotonchain) August 7, 2024
In addition to this, the firm has redeemed 16,210 wstETH for 19,049 stETH in the last few hours, indicating a move towards more liquid assets. Meanwhile, the 11,500 ETH has been sent to the wallet address “0xf58,” which is commonly used by Jump Trading for ETH deposits into centralized exchanges.
Despite this substantial unstaking, Jump Trading still holds significant amounts of cryptocurrency. They currently have 21,394 wstETH, worth $63.6 million, and 16,292 ETH, valued at $41.3 million. Additionally, they have 19,049 stETH in the process of being unstaked from Lido.
Jump Trading Frequent Selling
Meanwhile, this isn’t the first time Jump Trading has been involved in a sale recently. Recently, on August 5, the firm conducted several transactions, including redeeming and unstaking significant amounts of Wrapped Staked Ethereum (WSTETH) and Staked Ethereum (STETH) via platforms like Lido Finance.
[Update] Jump Trading moved another net amount of 17,576 $ETH ($46.78M) to CEX in the past 24 hours!This solely came from their existing $ETH holding.Their remaining 37.6K $wstETH ($101M) and 11.5K $STETH ($26.3M) still remain in their wallet and under the unstaking process… https://t.co/fNn4RKejgf pic.twitter.com/Koab3o8ybV
— Spot On Chain (@spotonchain) August 5, 2024
However, these actions resulted in a net deposit of 72,213 ETH, valued at approximately $231 million, into major centralized exchanges such as Binance and Coinbase.
Ethereum’s Price Recovery
Additionally, it’s worth noting that Jump Trading is not alone in its aggressive selling. Five major market makers have collectively sold 130,000 Ether, worth over $290 million, during this market correction.
Ethereum’s price might be approaching a bottom as Jump Trading sold its Ether reserves. Despite recent selling pressure, Ethereum is trading in green with its price hovering at $2480, with a market cap of $298 billion.
