As a seasoned crypto investor with over a decade of experience in this rollercoaster ride, I find myself once again standing at the edge of a precipice, peering into the abyss that is the cryptocurrency market. The latest move by Jump Trading, a market maker known for its significant influence, has sent ripples of unease through the crypto community.
Financial intermediary and trading company Jump Trading is readying itself for another significant Ethereum (ETH) sell-off, having just transferred an additional 17,049 ETH, valued at a whopping $46.44 million. According to blockchain analysis platform SpotonChain, the $46.44 million worth of ETH acquired from the liquid staking protocol Lido is now up for sale. Moreover, SpotonChain also revealed that Jump Trading currently holds around 54,000 ETH, equivalent to approximately $148 million, as the new wave of Ethereum sales continues.
Jump Trading may start selling more $ETH soon!
Approximately an hour past, the account @jumptrading withdrew 17,049 ETH (equivalent to around $46.5 million) from Lido and transferred them to the designated selling address “0xf58”.
Jump Trading has been cashing out 21,394 units of $wstETH (equivalent to approximately $68.7 million) and converting them into 25,156 units of $stETH, but they have not yet made any immediate transactions with the newly acquired tokens.
— Spot On Chain (@spotonchain) August 14, 2024
At exactly 7:47 AM UTC on August 14th, the Ethereum holdings from Jump Trading’s wallet, as recognized by SpotonChain, were taken out from Lido, as indicated by Etherscan. It was previously observed that this wallet had been inactive since August 9 at 3:09 PM UTC. However, a consistent pattern of Ethereum being withdrawn in groups has now appeared on the wallet.
Ethereum Manipulation Concerns on the Rise
After these significant transactions, a user on the X platform commented that Jump Trading returned ETH to their individual accounts. Meanwhile, another user voiced doubts, suggesting that the company might be attempting to purchase more by potentially manipulating the market.
As a crypto investor, I recently noticed some significant movements in my portfolio according to Arkham’s data. Specifically, 137.33 ETH, equivalent to approximately $375,600, was deposited into Binance. Additionally, I transferred 92,692 USDT to Gate.io, 223,724 USDC to Bybit, and 67,668 USDC to Coinbase. This action appears to indicate a strategic move for liquidity provision in trading activities across these exchanges. Contrary to the current market narrative suggesting a sell-off, this transaction may suggest a different strategy at play.
On August 5th, QCP Capital expressed an opinion that significant selling of Ethereum by Jump Trading and Paradigm Venture Capital might potentially lead to a market downturn.
As an analyst, I’ve observed that the price of Ethereum has experienced substantial market fluctuations over the past fortnight. A significant portion of this volatility can be attributed to broader global market trends. Fortunately, spot Ether ETFs have managed to garner inflows, recording a net inflow of $24.3 million on Tuesday. The focus now lies on tonight’s US Consumer Price Index (CPI) print. Should the CPI show softness, it could potentially boost recovery in risk assets such as equities and cryptocurrencies, given the possibility of interest rate reductions by the Fed, according to QCP Capital.
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2024-08-14 16:47