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Jump Trading Dumping Ethereum, Which Crypto Is Next?
As per the latest reports, Jump Trading has been dumping Ethereum (ETH) in the largest quantities worth nearly $300 million over the past week. The development comes at a time when the ETH price has already been trading under pressure with a massive 30% drop over the past week.
Jump Trading Dumping Ethereum
Popular blockchain analyst platform Spot on Chain recently reported that Jump Trading transferred a total of 17,576 ETH, worth a total of $47 million to centralized exchanges in the last 24 hours. Reportedly, these transfers have been from its existing ETH holdings. At press time, the Ethereum price is 19.49% down at $2,340 amid the broader market sell-off.
Currently, Jump Trading has retained a total of 37.6K wstETH ($101 million) and 11.5K stETH ($26.3 million) in their wallets so far. As per the data from Arkham Intelligence, the Jump Trading wallet has $587 million in crypto holdings of which, $481 million is in the USDC stablecoin.
The platform has been liquidating its crypto holdings very fast in the past 10 days. Since July 25, Jump Trading has:
- Redeemed a total of 83,091 wstETH ($341 million) into 97,600 stETH.
- Unstaked a total of 86,059 stETH ($274 million) from Lido Finance
- Furthermore, it has deposited Ethereum worth close to $300 million to different centralized exchanges including top players like OKX, Binance, Coinbase, and Gate.io.
[Update] Jump Trading moved another net amount of 17,576 $ETH ($46.78M) to CEX in the past 24 hours!
This solely came from their existing $ETH holding.
Their remaining 37.6K $wstETH ($101M) and 11.5K $STETH ($26.3M) still remain in their wallet and under the unstaking process… https://t.co/fNn4RKejgf pic.twitter.com/Koab3o8ybV
— Spot On Chain (@spotonchain) August 5, 2024
This recent dumping by Jump Trading coincides with the crypto market crash, following a major selloff in the Asian markets on Monday. The chances of a US recession have shot up significantly if the Fed doesn’t take emergency measures on rate cuts.
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Amid the recent correction, the total number of new ETH addresses has also dropped to the lowest levels since the beginning of 2024.
Also Read: Bitcoin ETFs To See 30% Gap Down From Jan Levels On Monday
What Will Jump Trading Sell Next?
Reports have been emerging that Jump Trading has been unwinding its crypto positions because of the heat over Solana. Thus, the market has been speculating that Jump Trading founder Ansem could be on a SOL selling spree very soon. The Solana price has already been down 37% over the past week. At press time, SOL is trading at 15.76% down at $121 with a market cap of $56.5 billion.
Also Read: Peter Schiff Slams Bitcoin Debt Repayment Plan By Donald Trump
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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