Jump Trading, a major player in the cryptocurrency world, has started selling its Ethereum assets. In particular, they requested 17,049 ETH from Lido and then sold this amount, causing a sudden drop in the price of Ethereum. The loss of more than 20% in value last week continues to cause concern among investors.
Jump Trading has resumed selling Ethereum, according to on-chain data. The company transfers the ETH it receives from Lido to wallets used to sell to crypto exchanges. They currently hold 21,394 wstETH, worth $68.58 million. It is predicted that these sales could lead to a new wave of decline in the market. The fluctuation in ETH prices continues. After the 20% drop last week, it is stated that a similar scenario could happen again if Jump Trading sells in larger amounts. ETH is currently trading at $2,725.
Over the past 24 hours, ETH has lost over 3% of its value, with its 24-hour low and high recorded at $2,613 and $2,750, respectively. Furthermore, the 28% decrease in trading volume suggests that investor interest is declining. According to Coinglass data, total ETH futures open interest on some exchanges has dropped by over 1%.
The departure of Jump Trading’s chairman Kanav Kariya and the investigation launched by the CFTC have increased the pressure on the firm. These developments could cause new volatility in the cryptocurrency market if the firm continues its aggressive sales. Jump Trading currently holds approximately $148 million worth of Ethereum.
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I EXPLAIN IN DETAILED.
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