Ethereum Sale by Jump Trading Could Reach $80 Million
Reports have emerged indicating that Jump Trading, the crypto division of a Chicago-based trading company, may be gearing up to sell a substantial amount of Ethereum (ETH), potentially triggering a downturn in its price.
According to Spot On Chain, Jump Trading recently unstaked 11,500 ETH valued at $29 million from Lido Finance. Shortly after, on-chain data revealed that the firm swiftly moved all the coins to a centralized exchange. This transfer of previously locked assets to exchanges typically signals an intent to sell. Additionally, Jump Trading has put in a request to redeem more than 14,000 ETH, with a total value exceeding $48 million. Should this redemption be successful, the ensuing sale could reach nearly $80 million.
The impending sale by Jump Trading is anticipated to exert downward pressure on ETH’s price once executed, potentially leading to a further decline. This move follows a previous sizable sale by the firm on August 5, where they offloaded ETH worth over $231 million.
Another on-chain data portal, EmberCN, shed light on additional activities by Jump Trading, revealing intricate details of their transactions. The post from EmberCN outlined the movement of assets and the ongoing processes related to ETH redemption and transfers.
In accordance with the Trust Project guidelines, it is important to note that the information provided in this analysis is purely for informational purposes and should not be construed as financial advice. Market conditions can fluctuate rapidly, and individuals are advised to conduct their own research and seek professional advice before making any financial decisions. BeInCrypto remains committed to delivering accurate and unbiased reporting, but readers should stay vigilant as market dynamics are subject to sudden changes.
