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Lido Staked ETH

Arkham

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Jump Trading, a market maker and trading firm, has moved 17,049 Ether worth approximately $46.44 million in preparation for an expected sell-off.
According to an X post by blockchain analyst Lookonchain, the $46.44 million Ether (<a href="https://cointelegraph.com/ethereum-price" text="null" title="null" rel="noopener noreferrer nofollow">ETH</a>) claimed from the liquid staking protocol Lido has been “transferred out for sale.”&nbsp;
The analyst also stated that Jump Trading currently holds a remaining 21,394 ETH worth approximately $68.58 million as the new wave of ETH sales reportedly begins.
<figure><img alt="Jump Trading transfers $46.44M in ETH amid sell-off, manipulation fears" name="" src="https://s3.cointelegraph.com/uploads/2024-08/tweet_1823633235466969440_20240814_094701_via_10015_io">
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 Source: <a href="https://x.com/lookonchain/status/1820321011730116636" text="null" title="null" rel="noopener noreferrer nofollow">Lookonchain</a><hard_break></hard_break>
 </figcaption>
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Related: <a href="https://cointelegraph.com/news/jump-likely-shuttered-development-arm-not-trading-1000x-co-host" text="null" title="null" rel="noopener noreferrer nofollow">Jump likely shuttered development arm, not trading — 1000x co-host</a>
<h2 id="withdrawal-from-lido">Withdrawal from Lido</h2>
On Aug. 14, Jump Trading’s wallet address, cited by Lookonchain, <a href="https://etherscan.io/tx/0xc3247a6de6fdbedc7c32c00559a98a5be1192ead1094dc0e57cbc16b75e28f49" text="null" title="null" rel="noopener noreferrer nofollow">began</a> the Lido withdrawal process of its ETH holdings at 7:47 am UTC.
Since Aug. 9 at 3:09 pm UTC, the transactions recorded on Etherscan show the wallet has been dormant and now depicts a consistent pattern of ETH being moved out in batches.
Despite the concerns of a sale raised by Lookonchain, community response and Arkham Intelligence data reveal a different story entirely.
<hard_break></hard_break>Related: <a href="https://cointelegraph.com/news/jump-trading-sells-29m-ether-bottom-near" text="null" title="null" rel="noopener noreferrer nofollow">Jump Trading sells another $29M Ether with $63M left to go — Is the bottom near?</a>
<h2 id="manipulation-concerns">Manipulation concerns</h2>
One X user <a href="https://x.com/Dalio777/status/1823634478000197916" text="null" title="null" rel="noopener noreferrer nofollow">commented</a> that Jump Trading had transferred the ETH “back to their account,” while another raised concerns regarding manipulation and <a href="https://x.com/Ace_All_In/status/1823635293179707475" text="null" title="null" rel="noopener noreferrer nofollow">said</a> the firm “just [wants] to buy more.”
According to Arkham data, the firm deposited 137.33 ETH worth $375,600 to Binance, 92,692 Tether (<a href="https://cointelegraph.com/tether-price-index" text="null" title="null" rel="noopener noreferrer nofollow">USDT</a>) to Gate.io, 223,724 Circle USD (<a href="https://cointelegraph.com/usdc-price-index" text="null" title="null" rel="noopener noreferrer nofollow">USDC</a>) to Bybit, and 67,668 USDC to Coinbase.
These shifts in funds indicate preparation for liquidity provision for trading activities across the exchange and oppose the sell-off narrative suggested by Lookonchain.
<figure><img alt="Jump Trading transfers $46.44M in ETH amid sell-off, manipulation fears" name="" src="https://s3.cointelegraph.com/uploads/2024-08/Screenshot%202024-08-14%20095255">
 <figcaption style="text-align: center;">
 Arkham Intelligence data revealing the latest Jump Trading transfers. Source: Arkham Intelligence
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</figure>
<hard_break></hard_break>Related: <a href="https://cointelegraph.com/news/jump-trading-ether-dump-smart-move-trouble" text="null" title="null" rel="noopener noreferrer nofollow">Jump Trading’s Ether dump: Smart move or sign of trouble?</a>
<h2 id="jump-trading-sell-off-fears">Jump Trading sell-off fears</h2>
On Aug. 5, a report released by QCP Group suggested that aggressive sell-offs of ETH “from Jump Trading and Paradigm VC” <a href="https://cointelegraph.com/news/crypto-market-crash-jump-trading-selling-qcp" text="null" title="null" rel="noopener noreferrer nofollow">could trigger a market crash.</a>
Lookonchain’s Aug. 5 X <a href="https://x.com/lookonchain/status/1820321011730116636" text="null" title="null" rel="noopener noreferrer nofollow">post</a> reinforced the Singapore-based digital asset trading group report, citing Jump Trading’s sell-off of 83,000 Wrapped Lido Staked ETH (wstETH), worth $377 million.
The firm is reportedly being investigated by the United States Commodities and Futures Trading Commission (CFTC).
<hard_break></hard_break>Magazine: <a href="https://cointelegraph.com/magazine/china-crypto-ban-investors/" text="null" title="null" rel="noopener noreferrer nofollow">How Chinese traders and miners get around China’s crypto ban</a><hard_break></hard_break>
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Jump Trading transfers $46.44M in ETH amid sell-off, manipulation fears

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