The cryptocurrency market has seen major fluctuations in recent days. In addition to Bitcoin, Ethereum has also experienced significant price movements. The selling pressure on the leading altcoin is still ongoing, and major market maker Jump Trading continues to sell ETH. However, the fact that ETH to be sold is running out may mean that the token price may bottom.

Jump Trading Is Running Out of ETH: Will Selling Pressure Ease?

Jump Trading, which was effective in the recent market correction, continues to sell Ether. However, it is predicted that the market may be nearing a bottom. Jump Trading sold 11,501 Ethereum (ETH) worth $29 million and redeemed an additional $48 million worth of ETH. According to Lookonchain data as of August 7, Jump Trading currently has only 21,394 Wrapped Lido Staked ETH (wstETH) left. This indicates that the market maker’s selling pressure is about to end.

Did Market Makers Push Altcoin Prices Below $2,200?

According to Singapore-based digital asset trading group QCP Group, the reason for Ether’s five-month low is directly linked to Jump Trading’s aggressive selling. The QCP Group stated in its report dated August 5:

“The sudden drop in the crypto market appears to have been triggered by aggressive ETH sales by Jump Trading and Paradigm VC. Front-end ETH volumes increased by more than 30% to 120%, a move likely exacerbated by market makers attempting to cover short positions!”

According to Lookonchain data, Jump Trading sold over 83,000 wstETH between July 24 and August 5. During this period, the altcoin market experienced a serious collapse.

Is ETH at the Bottom?

Considering that Jump Trading has no Ether left to sell, it is possible that the ETH price may have found a bottom. However, Jump Trading was not the only aggressive market maker during this correction. Other major market makers also sold 130,000 ETH worth $290 million at ETH prices that fell from $3,000 to below $2,200. Among these makers, Wintermute sold 47,000 ETH, Jump Trading sold 36,000 ETH, and Flow Traders sold 3,620 ETH. Ether has lost over 27% this week.

On the other hand, popular analyst Michaël van de Poppe predicts that demand for US spot Ethereum ETFs could soon outstrip sellers. “ETH supply increased in 2024: $160 million. Net inflows into ETH ETF in the last two days: $150 million. Demand exceeds supply,” the analyst commented. He also noted that Ethereum is “super undervalued” and that constant ETF inflows are preparing the altcoin price for a “big run.”

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