As a seasoned crypto investor with years of experience navigating market fluctuations and understanding the intricacies of whale activity, I find the recent developments surrounding Jump Trading and Ethereum (ETH) quite intriguing. The selling spree by this prominent trading firm has been a recurring theme that often coincides with a correction in ETH price.
As a crypto investor, I’ve noticed that market maker Jump Trading seems to be offloading their Ethereum holdings, according to on-chain data. This could potentially lead to a drop in the ETH price, similar to the over 20% plunge we witnessed last week.
On August 14, according to a post by Lookonchain, Jump Trading – a notable cryptocurrency trading company – resumed selling Ethereum. The team reportedly offloaded 17,049 ETH, valued at approximately $46.44 million, from the liquid staking protocol Lido. These coins were subsequently moved to the wallet address “0xf58”. It’s important to note that this wallet is typically used by Jump Trading for selling Ethereum to cryptocurrency exchanges.
The crypto market maker currently holds 21,394 wstETH, which is valued at $68.58 million.
According to Spot On Chain, the cryptocurrency company has lately exchanged 21,394 wstETH for a total of 25,156 stETH. Unlike previous instances, this exchange was not followed by an immediate withdrawal request from Lido.
Jump Trading still holds nearly $148M worth of Ethereum. This includes 24,993 ETH in wallet 0xf58 and 29,093 stETH staked with Lido Finance.
After Kanav Kariya, former president of Jump Crypto, announced his departure following almost three years of service, the rate at which selloffs occurred began to accelerate. This event transpired subsequent to the Commodity Futures Trading Commission (CFTC) initiating an investigation into Jump Crypto in June.
Jump Trading Can Trigger Another ETH Price Crash
Over the past seven days, I’ve observed a significant downturn in Ethereum (ETH) prices, with the ETH value plunging over 20%. This decline seems to have been triggered by Jump Trading, who liquidated a massive $300 million worth of ETH and transferred it to cryptocurrency exchanges. Initially, around 17,576 ETH valued at approximately $46 million were offloaded onto centralized platforms. However, it appears that Jump Trading is transferring a greater amount of ETH compared to the previous week, which could be contributing to this price drop.
Right now, ETH is seeing an increase of over 3% in its value over the past 24 hours. At the moment, it’s being traded at approximately $2,725. The lowest and highest prices within this period were $2,613 (lowest) and $2,750 (highest), respectively. It’s also worth noting that trading volume has dropped by around 28% over the same timeframe, suggesting a decrease in trader activity.
In the past few hours, there’s been a surge of selling activity in Ethereum’s derivatives market. According to data from Coinglass, ETH futures open interest has dropped by over 1% on certain exchanges. Despite this decline, the total futures open interest stands at approximately $29.92 billion, which represents a 5% increase compared to the past 24 hours.
Currently, according to CoinGape’s report, there’s a possible liquidation of Threshold (T) by Jump Trading following the large-scale $300 million Ethereum sell-off.
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2024-08-14 13:22