Jump Trading has sold almost $300 million worth of Ethereum (ETH) in the past week. This has added to the price pressure that was already building on ETH. The sell-off has caused ETH’s value to drop by a remarkable 30% in the same time frame.
Spot on Chain, a blockchain analyst tool, says that Jump Trading sent 17,576 ETH, which is worth $47 million, to centralized exchanges just 24 hours ago.
They are making these moves with the ETH they already have, which increases the market’s volatility. The most recent data shows that Ethereum’s price is now $2,340, down 19.49% from its peak. This is part of a larger market slowdown.
Ethereum Holdings By Jump Trading
Jump Trading has 37,600 wstETH worth $100 million and 11,500 wstETH worth $26.3 million in their pockets right now. Arkham Intelligence data shows that Jump Trading’s wallet has $587 million in crypto assets, with $481 million of that amount in the USDC stablecoin.
For the past ten days, Jump Trading has been quickly selling off its crypto assets. – Since July 25, I have exchanged 83,091 wstETH worth $341 million for 97,600 stETH.
Lido Finance released 86,059 stETH, which is worth $274 million.Put nearly $300 million worth of Ethereum into OKX, Binance, Coinbase, and Gate.io, among other centralized platforms.
This huge dump is part of a larger crypto market crash that began with a big selloff in Asian markets earlier this week. There are more calls than ever for the Federal Reserve to take emergency steps because of worries about a possible US slump.
Along with the drop in ETH value, the number of new ETH addresses has dropped to its lowest level since early 2024, indicating that investors are losing interest.There is a lot of talk in the market that Jump Trading is getting rid of its crypto stocks, in part because of the growing pressure on Solana (SOL).
Some people say that Ansem, the founder of Jump Trading, might soon start selling SOL as well. Solana’s price has dropped 37% in the last week alone. It is now worth $121 and has a market cap of $56.5 billion.
