• The firm moved 11,500 ETH ($28.9M) to an exchange, signaling possible big sales.

  • Jump Trading holds 21,394 wstETH ($63.6M), hinting at more sales.

  • Plus Token Ponzi 2's ETH wallets, holding $2B, are active again, stirring the market.

Jump Trading has recently made several large Ethereum transactions which have elicited much attention in the cryptocurrency sphere. In fact, on the 4th of August, 2024 the firm made a transfer of the 11,500 ETH. This is roughly equivalent to $28. 9 million made to a central exchange for liquidation or some other purposes. Furthermore, Jump Trading shifted 21,394 wrapped staked Ethereum (wstETH), equivalent to approximately $63. 6 million.This thus points to an ongoing process of asset repositioning among the manufacturing companies.

https://twitter.com/WuBlockchain/status/1821120796519223506

The substantial movement of Ethereum by Jump Trading has caught the attention of market watchers.Colin Wu a crypto journalist indicated that the firm moved the ETH to a centralized exchange hinting at a sell activity. This is not the only time that Jump Trading tried this; earlier, they accused Lido of being in its possession with 11,500 ETH granted to them before moving it for sales. 

Ethereum Moves and Dormant Wallets Reactivate

Apart from the demanded recent transfers, Jump Trading has also requested for the redemption of an additional 19,049 ETH which is worth $48. 2 million. This decision is regarded as part of its liquidation process, as the firm has a lot of wstETH stored in its balance. These listed transactions imply that Jump Trading may be preparing for more asset sales. A factor that could impact the market in the next few weeks.

The dormant Ethereum wallets associated with the PlusToken Ponzi 2 have also been seen to be active. These wallets have remained dormant for over three years and recently initiated a transfer of approximately 789,533 ETH equivalent to about $2 billion. That is why the recent activation of these wallets can be regarded as another factor that complicates and increases the uncertainty in the market. The Chinese authorities had earlier frozen such assets primarily in the PlusToken scam and their movement again can pose risks to the market.

The post Jump Trading Liquidates $29M in Ethereum, With Another $63M Pending Redemption appeared first on Crypto News Land.

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