Jump Trading Moves $29M in ETH to Ethereum Price Growth Fund Above $2.5K
Date: 2024-08-08 Author: Henry Casey Categories: BUSINESS
According to blockchain transaction tracking service, Jump Trading moved significant amounts of Ether (ETH) to an address previously used to deposit coins to centralized exchanges.
Specifically, Spot On Chain reported that a wallet believed to belong to Jump Trading withdrew 11,500 ETH, equivalent to $29 million, from liquid staking service Lido Finance and moved the coins to an address (0xf584f8728b874a6a5c7a8d4d387c9aae9172d621) that was previously used to transfer funds to centralized exchanges. The move is often associated with an intention to sell or liquidate assets in the market.
“Note that 11,500 ETH was moved to wallet ‘0xf58’, which they often use to deposit ETH on CEX,” Spot On Chain wrote on the X platform. “Currently, Jump Trading still holds 21,394 WSTETH ($63.6M) and 16,292 ETH ($41.3M) in wallets and has 19,049 STETH in the process of being withdrawn from Lido.”
On Sunday, a wallet believed to belong to Jump Trading moved $46 million worth of ETH to centralized exchanges, adding to the macroeconomic-driven decline in Ether. Ether was trading at $2,900 on Sunday, but by Monday, its price had fallen to nearly $2,100, according to CoinDesk.
“The price drop was exacerbated by crypto-specific factors such as Jump Trading’s crypto portfolio liquidation following the CFTC investigation, adding to ongoing but easing pressure from Mt. Gox creditor returns and outflows from GBTC and ETHE,” Coin Metrics said in a newsletter on Tuesday. “Jump Crypto’s liquidations over the past two weeks have been mostly in ETH, with exchange deposits rising to levels last seen during the FTX collapse.”
Ether has rebounded since Monday, jumping above $2,400, following a recovery in market leader Bitcoin and signs of a risk reset in traditional markets.
