According to data from blockchain analytics platform Spot On Chain, Jump Crypto has transferred 17,576 ETH, worth approximately $46.78 million, to centralized exchanges within the last 24 hours. Notably, the company still holds 37,600 wstETH (worth $101 million) in its wallet and 11,500 STETH (worth $26.3 million) currently in the process of being unstaked from Lido Finance.
Jump Deposit
This sell-off follows Jump Trading’s conversion of 83,091 wrapped staked Ethereum (wstETH), valued at $341 million, into 97,600 staked Ethereum (stETH) on July 25. Subsequently, they withdrew 86,059 stETH, equivalent to $274 million, from the leading decentralized staking platform, Lido Finance.
In total, Jump Trading has net deposited 72,213 ETH, worth $231 million, into major centralized exchanges. This move is reminiscent of the 2021 cryptocurrency market crash and is exerting significant downward pressure on Ethereum’s price.
Jump Crypto’s liquidation of a large amount of ETH raises concerns about the downward price pressure and reflects the liquidity and depth of the cryptocurrency market. These transactions indicate a shift in the company’s Ethereum asset management strategy, possibly signaling portfolio restructuring or anticipation of upcoming market volatility