Ethereum

bullish

2024

Million

Arkham

<ul> 
 <li aria-level="1">Jump Trading has recently sold 120,000 ETH, valued at approximately $314.8 million, amid a sharp price decline.</li> 
 <li aria-level="1">Despite the large sale, Jump Trading retains 37,604 ETH, worth about $104 million, within its cryptocurrency assets.</li> 
</ul> 
Jump Trading has recently unstaked and sold off a significant portion of its Ethereum holdings, totaling approximately 120,000 ETH, valued at around $314.8 million. This move comes during a period of notable decline in Ethereum’s price, which has dropped by over 30% since the unstaking began. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Jump Trading is selling 120,695 <a href="https://twitter.com/search?q=%24wstETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$wstETH</a>($481M) and has sold 83K <a href="https://twitter.com/search?q=%24wstETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$wstETH</a>($377M) since July 24, leaving 37,604 <a href="https://twitter.com/search?q=%24wstETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$wstETH</a>($104M). 
 The market also began to fall after July 24, falling by more than 33%! 
 According to reports on June 20, the US <a href="https://twitter.com/hashtag/CFTC?src=hash&amp;ref_src=twsrc%5Etfw">#CFTC</a> is investigating Jump Trading.… <a href="https://t.co/pOoGZknUDh">pic.twitter.com/pOoGZknUDh</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1820321011730116636?ref_src=twsrc%5Etfw">August 5, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Data from analytics firms Lookonchain and <a href="https://platform.arkhamintelligence.com/explorer/address/0x48d62ED012E327FaaCb9c8d2A56330E215DA0575">Arkham Intelligence</a> indicated that these Ethereum tokens were removed from a specific redeem address just a day after the U.S. saw the launch of spot <a href="https://www.ethnews.com/what-spot-ethereum-etfs-approval-means-for-the-future-of-crypto-regulation/">Ether exchange-traded funds (ETFs)</a>. 
<figure id="attachment_85443" aria-describedby="caption-attachment-85443" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85443" src="https://www.ethnews.com/wp-content/uploads/2024/08/ark.png" alt="" width="1909" height="525">
 <figcaption id="caption-attachment-85443" class="wp-caption-text">
 source: platform arkhamintelligence
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</figure> 
 Despite this large-scale movement, Jump Trading still retains a substantial Ethereum reserve, holding 37,604 ETH tokens, currently valued at about $104 million. 
The rationale behind Jump Trading’s decision to unstack and sell a portion of its Ethereum stash appears linked to ETH previously compromised in a hacking incident over a year ago. Reports suggest that the firm managed to regain control of these funds through strategic counter-trading efforts.&nbsp; 
Although the exact reasons for the sale remain somewhat opaque, it is important to note that Jump Trading is under investigation by the U.S. Commodity Futures Trading Commission (CFTC), though no specific charges have been made public. 
<div class="cryptoboxes" id="mcw-12523" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="ETH" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
This timing of selling its Ethereum has coincided with a sharp downturn in the cryptocurrency’s market value, leading to speculation about whether this action was a strategic response to the regulatory scrutiny or possibly other external pressures affecting the firm. 
Despite the significant amount of Ethereum Jump Trading has moved, a considerable portion of <a href="https://www.ethnews.com/ethereum-etf-didnt-bite-like-bitcoins-btc-etf-eth-price-stands-still-investors-eyes-turn-to-presale-high-roller/">Ethereum remains staked</a> across various platforms. According to <a href="https://dune.com/hildobby/eth2-staking">Dune Analytics</a>, over 34 million ETH, accounting for more than 27% of the total circulating supply, is still staked, with Lido Finance being the predominant staking service, holding over 28% of the <a href="https://www.ethnews.com/why-ethereums-next-move-could-shock-crypto-traders-insider-secrets-revealed/">staked ETH</a>. 
<figure id="attachment_85447" aria-describedby="caption-attachment-85447" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85447" src="https://www.ethnews.com/wp-content/uploads/2024/08/png.png" alt="Dune Analytics" width="788" height="272">
 <figcaption id="caption-attachment-85447" class="wp-caption-text">
 Source: Dune Analytics
 </figcaption>
</figure> 
The unstaking event by Jump Trading has also prompted discussions among cryptocurrency community members on platforms like X. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 If Jump is actually fully exiting the crypto ecosystem then this is one of the most bullish things to happen in a long time 
 They've been a complete parasite on crypto for years and the industry will be much better off without them 
 Good riddance 
 — sassal.eth/acc <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f987.png" alt="🦇" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f50a.png" alt="🔊" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@sassal0x) <a href="https://twitter.com/sassal0x/status/1820258302250696868?ref_src=twsrc%5Etfw">August 5, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
One user labeled the firm’s move away from Ethereum staking as potentially beneficial for the market, calling Jump Trading “parasitic” and suggesting that the industry might thrive with its diminished influence.&nbsp; 
The post <a href="https://www.ethnews.com/why-did-jump-trading-dump-314-million-in-ethereum-overnight-insider-secrets-revealed/">Why Did Jump Trading Dump $314 Million in Ethereum Overnight? Insider Secrets Revealed!</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Why Did Jump Trading Dump $314 Million in Ethereum Overnight? Insider Secrets Revealed!

ETHNews

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