Ethereum

2024

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Spot

Jump Trading has shifted significant amounts of Ethereum and wrapped staked Ethereum, raising speculation about its intentions.
The Chicago-based trading giant has been actively moving its crypto assets, with notable transactions taking place over the past two weeks.
In the most recent development, Jump Trading unstaked 11,500 Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>), valued at approximately $29 million, from Lido Finance. This amount was moved to an address known as “0xf58,” which the company frequently uses to deposit ETH into centralized exchanges.&nbsp;
The transfer has led to widespread speculation that Jump Trading may be preparing to liquidate its holdings.
According to blockchain data tracker Spot On Chain, Jump Trading has also converted 16,210 wrapped staked Ethereum into 19,049 staked Ethereum (<a href="https://crypto.news/price/lido-staked-ether/" target="_blank" rel="noopener noreferrer nofollow">stETH</a>) within a short span.
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 Jump Trading successfully unstaked 11.5K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> ($29M) from Lido Finance and continued to redeem 16,210 <a href="https://twitter.com/search?q=%24WSTETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$WSTETH</a> into 19,049 <a href="https://twitter.com/search?q=%24STETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$STETH</a> in the past hour. Note that the 11,500 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> has been transferred to the wallet "0xf58" which they often use to deposit <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> to CEX. Currently, Jump… <a href="https://t.co/oZnrtNqr88" target="_blank" rel="noopener noreferrer nofollow">https://t.co/oZnrtNqr88</a> <a href="https://t.co/EHP50yqbEA" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/EHP50yqbEA</a>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1821122064541216965?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 7, 2024</a>
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However, despite those movements, the firm reportedly still holds 21,394 wstETH, valued at $63.6 million, and 16,292 ETH, worth $41.3 million, in its wallets. Additionally, according to Spot on Chain, it has another 19,049 stETH currently undergoing the unstaking process from Lido.
You might also like: <a href="https://crypto.news/spot-ethereum-etfs-record-98-4m-inflows-bitcoin-etfs-shed-148-6m/" rel="noopener noreferrer nofollow"> Spot Ethereum ETFs record $98.4m inflows; Bitcoin ETFs shed $148.6m </a>
Earlier updates from the blockchain sleuth revealed that Jump Trading transferred 17,576 ETH, worth $46.78 million, to various CEXs within 24 hours. This transfer came exclusively from its existing ETH holdings, leaving the firm’s total crypto assets under unstaking and in wallets significant but reduced.
Over the past ten days, the company has deposited a staggering $231 million worth of ETH into several major exchanges, including Binance, OKX, Bybit, Coinbase, and Gate.io.&nbsp;
The firm’s activity has seen the redemption of 83,091 wstETH, valued at $341 million, into 97,600 stETH and the subsequent unstaking of 86,059 stETH, worth $274 million, from <a href="https://crypto.news/tag/lido/" target="_blank" rel="noopener noreferrer nofollow">Lido</a> Finance. It has resulted in a net deposit of 72,213 ETH, valued at $231 million, into these exchanges.
These substantial movements coincide with Ethereum’s recent market recovery, with the price of ETH oscillating between a low of $2,423 and a high of $2,546 in the last 24 hours.
This recovery follows a period of significant <a href="https://crypto.news/crypto-liquidations-surpass-1b-amid-market-wide-turbulence/" target="_blank" rel="noopener noreferrer nofollow">volatility</a> for the second-largest cryptocurrency by market capitalization.
However, Jump Trading’s large-scale liquidations have created an atmosphere of uncertainty, with some speculating that the company’s activities could lead to further market fluctuations.&nbsp;
The substantial unstaking and transfer of <a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> to exchanges suggest that the firm might be preparing for further strategic moves, potentially impacting the cryptocurrency’s market performance in the near future.
Read more: <a href="https://crypto.news/binance-tokens-plunge-29-out-of-30-tokens-in-red-for-2024/" rel="noopener noreferrer nofollow"> Binance tokens plunge: 29 out of 30 tokens in red for 2024 </a>

Jump Trading moves $277m in Ethereum to exchanges amid market recovery

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