Coinspeaker Jump Trading Dumps Ethereum Again, ETH Price Drop to $2K Possible?
After making a strong 20% recovery on Tuesday, August 6, Ethereum price has been struggling to hold above $2,500 levels. As per the latest on-chain data, Jump Trading has started selling Ethereum once again from its remaining ETH holdings.
As per the latest data from Spot on Chain, Jump Trading has successfully unstaked a total of 11,500 ETH, worth $29 million from Lido Finance. In this recent transaction, the firm also redeemed 16,210 $WSTETH for 19,049 $STETH.
The data shows that Jump Trading further transferred the 11,500 ETH to the wallet address “0xf58”, which the company uses frequently for depositing to centralized exchanges (CEXs). As of now, the firm still holds a total of 21,394 $WSTETH, valued at $63.6 million, and 16,292 ETH, worth $41.3 million. Besides, it is also in the process of unstaking 19,049 $STETH from Lido Finance.
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
Wallets Linked to China Moving $2 Billion of Ethereum
In another such major development, hundreds of Ethereum wallets that were inactive for nearly 3.3 years have started moving a large number of Ethereum coins. Reports suggest that these wallets moved a total of 789,533 ETH valued at a staggering $2 billion.
On-chain analysis shows that these dormant addresses are linked to a wallet dubbed “Plus Token Ponzi 2”. So far this wallet has moved 789,533 ETH to thousands of different wallets back in 2020, while remaining absolutely silent since April 2021.
These wallets turned active just three hours ago thereby indicating a major activity associated with the Plus Token Ponzi scheme. Interestingly, it turns out that the ETH was seized by the Chinese police during its crackdown back in 2020.
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
As of press time, the Ethereum price is trading at $2,456 with a market cap of $295 billion. However, market analysts believe that there could be another ETH price crash under $2,000 as the altcoin will come to retest this week’s earlier low, and it could happen very soon.
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Jump Trading Dumps Ethereum Again, ETH Price Drop to $2K Possible?
