Yesterday (Sun, August 4, 2024, before the market experienced a major dump) Jump trading (a very large market maker in the crypto market) converted a very large volume (>400M) of staked ETH to ETH and then deposit to major Cex exchanges continuously.

This is a rather strange action because CN is a time when the market often runs out of liquidity and Jump's move was quite hasty. Why? There are 2 possibilities:

1. Jump really wants the price of ETH to drop quickly (so regardless of yield from staked ETH and chooses when liquidity is low)

2. Forced Jump from other investors to sell ETH.

I don't know which reason is the real reason. But I think reason 1 might be more reasonable for a market maker when one of their games is to force another party to liquidate a large position and that's when they will buy. Financial war!

Today, the market actually collapsed, more than 300 million long positions were liquidated, including a large Japanese fund that had to close its large ETH long position. Did Jump actually open fire (or contribute to the fire with other units because 400M is not too big) or did Jump know something in advance.

The crypto market is bloody but also exciting in a very wild way.