Jump Trading Could Sell $80 Million in Ethereum
08/07/2024 18:01
Jump Trading also applied to redeem over 14,000 ETH, which could lead to increased selling pressure on Ethereum
Ethereum (ETH) price could be at the mercy of another decline following reports that Jump Trading, the crypto arm of a Chicago-based trading firm, could sell millions of the altcoin.
Here is a look at the details and the potential consequences of the sale.
Another Big Sale At the Expense of Ethereum
According to Spot On Chain, Jump Trading unstaked ETH worth 11,500 ETH worth $29 million from Lido Finance. Moments later, on-chain data showed that it had transferred all the coins to a centralized exchange.
The transfer of previously locked assets to exchanges is a sign that a market participant wants to sell. The firm has also applied to redeem over 14,000 ETH valued at over $48 million. If this goes through, the sale will be worth almost $80 million.
Once this happens, there is a high chance that it will lead to another sale, potentially putting downward pressure on ETH’s price.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
However, this is not the first time that the firm has been involved in a sale recently. On August 5, Jump Trading sold ETH worth over $231 million.
Regarding this development, another on-chain data portal, EmberCN, shared details about Jump Trading’s other activities.
“Jump Trading is responsible for unpacking the ETH redemption address and transferring the 11,500 ETH ($28.9 million) redeemed on 8/4 to the address responsible for distributing and transferring the ETH to CEX. Continue to transfer 16,210 wstETH ($47.92 million) from the address storing wstETH to the address responsible for unpacking and redeeming ETH and continue to apply for redemption. The address storing wstETH still has 21,394 wstETH ($63.33 million) waiting for subsequent redemption and transfer.” The post revealed.
Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Victor Olanrewaju is a technical and on-chain analyst at BeInCrypto, where he monitors the activities of mid- and large-scale investors, commonly known as crypto whales, to detect investment trends across diverse cryptocurrencies, including Bitcoin, altcoins such as Solana, XRP, Cardano, and Toncoin, as well as meme coins like Dogecoin, Shiba Inu, and Pepe. Additionally, he covers emerging trends including Tap-to-Earn games, AI tokens, and real-world assets (RWA). Before joining BeInCrypto,...
Victor Olanrewaju is a technical and on-chain analyst at BeInCrypto, where he monitors the activities of mid- and large-scale investors, commonly known as crypto whales, to detect investment trends across diverse cryptocurrencies, including Bitcoin, altcoins such as Solana, XRP, Cardano, and Toncoin, as well as meme coins like Dogecoin, Shiba Inu, and Pepe. Additionally, he covers emerging trends including Tap-to-Earn games, AI tokens, and real-world assets (RWA). Before joining BeInCrypto,...
READ FULL BIO