Subscribe for notification
Crypto

Jump Trading Sheds $46.44M in ETH Amid Sell-Off Fears

Market anxieties were stoked after Jump Trading removed 17,049 ETH worth of Lido, valued at $46.44M. Data, however, suggests a deliberate liquidity setup.

In anticipation of an anticipated sell-off, Jump Trading, a market maker and trading company, has transferred 17,049 Ether valued at roughly $46.44 million.

The $46.44 million Ether ETH$2,751 taken from the liquid staking system Lido has reportedly been “transferred out for sale,” according to a post on X by blockchain analyst Lookonchain.

The expert added that when the new wave of ETH sales supposedly starts, Jump Trading currently possesses 21,394 ETH worth roughly $68.58 million.

Source: Lookonchain

Removal from Lido

Lookonchain reported that Jump Trading’s wallet address started the Lido withdrawal of its ETH holdings on August 14 at 7:47 am UTC.

The transactions listed on Etherscan since August 9 at 3:09 pm UTC indicate that the wallet has been inactive and that ETH is being moved in batches according to a regular schedule.

Although Lookonchain expressed reservations about a sale, the response from the community and the statistics from Arkham Intelligence indicates a very different story.

Concerns About Manipulation

Jump Trading has moved the ETH “back to their account,” according to one X user who remarked on the platform. Another expressed concerns about potential manipulation and stated the company “just [wants] to buy more.”

The company deposited 137.33 ETH valued at $375,600 to Binance, 92,692 Tether USDT$1.00 to Gate.io, 223,724 Circle USD USDC$1.00 to Bybit, and 67,668 USDC to Coinbase, according to Arkham data.

These fund changes refute Lookonchain’s sell-off story and show that the exchange is ready to provide liquidity for trading activity.

Arkham Intelligence data revealing the latest transfers. Source: Arkham Intelligence

Fears of a Jump Trading Sell-Off

According to a QCP Group study published on August 5, intense ETH sell-offs “from JumP Trading and Paradigm VC” might lead to a market meltdown.

The Singapore-based digital asset trading organization report was supported by Lookonchain’s August 5 X article, which mentioned Jump Trading’s $377 million sale of 83,000 Wrapped Lido Staked ETH (wstETH).

The United States Commodities and Futures Trading Commission (CFTC) is looking into the company.

Ruth Okarter

Ruth is a seasoned news reporter and editor who brings her sharp eye and passion for storytelling to Protechbro.com. With a background in English and literary studies, Ruth crafts compelling narratives that unpack the complexities of the ever-evolving tech landscape.

Disqus Comments Loading...

Recent Posts

Kevin Warsh- Treasury Secretary, Succeed Fed Chair Powell

Donald Trump is considering Kevin Warsh for Treasury Secretary and to succeed Jerome Powell as Fed Chair when his term…

52 minutes ago

Upbit Refunds Millions After Crypto Hack

Upbit refunded 8.5 billion won to 380 voice phishing victims, as authorities expose North Korea's involvement in previous hacks. Upbit,…

2 hours ago

Charles Schwab CEO Regrets Not Investing In Crypto

Rick Wurster, set to become CEO next year, stated he has no plans to buy crypto but aims to support…

3 hours ago

Federal Task Force Busts Cartel-Linked Crypto Laundering Ring

Nine individuals were charged with laundering U.S. drug proceeds into cryptocurrency for Mexican and Colombian cartels from 2020 to 2023.…

4 hours ago

Truemarkets Raises $4M in NFT Sale, Vitalik Buterin Purchases 400 NFTs

Truemarkets raised over $4M by selling 15,071 NFTs at $250 each. Vitalik Buterin bought 400 NFTs worth $107K in the…

5 hours ago

Apple Acknowledges Security Flaw Exposing Crypto Users—Here’s What to Do

Apple acknowledged on Monday that its devices were susceptible to an exploit that enabled the execution of remote malicious code…

5 hours ago