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The Ethereum price plummeted more than 19% in the last 24 hours after a wallet linked to Jump Trading moved another 17,576 ETH worth over $46.7 million to a centralized exchange, spooking investors.
Following the substantial amount of ETH that was sent to an exchange during the past trading day, Jump Crypto still holds 37.6K Lido wstETH (wstETH) and $11.5K staked ETH (STETH), valued at $101 million and $26.3 million, respectively, according to Spot On Chain.
The development came as the broader crypto market plunged amid concerns over an interest rate hike in Japan and the risk that the Federal Reserve is behind the curve in cutting rates.
“The reason for the crazy crypto sell-off seems to be Jump Trading, who are either getting margin called in the traditional markets and need liquidity over the weekend, or they are exiting the crypto business due to regulatory reasons (Terra Luna related),” said Julian Hosp, the CEO and co-founder of Cake Group. Hosp in an Aug. 4 post on X.
The reason for the crazy crypto sell off seems to be Jump Trading, who are either getting margin called in the traditional markets and need liquidity over the weekend, or they are exiting the crypto business due to regulatory reasons (Terra Luna related). The sell-off is… pic.twitter.com/7OAhBdO8hH
— Dr. Julian Hosp (@julianhosp) August 4, 2024
Jump Trading Sends Over $200 Million To Major Centralized Exchanges In 10 Days
Jump Trading has been actively depositing Ethereum to centralized exchange platforms over the past 10 days. In an Aug. 4 post on X, Spot On Chain revealed that the trading firm sent $72,213 ETH worth $231 million to various platforms..
Jump Trading deposited $231M worth of $ETH to CEXs in the past 10 days!
Since Jul 25, Jump Trading has:
• redeemed 83,091 $wstETH ($341M) into 97,600 $stETH
• unstaked 86,059 $stETH ($274M) from Lido Finance
• then deposited a net amount of 72,213 $ETH ($231M) to various… pic.twitter.com/1U0jSq536P— Spot On Chain (@spotonchain) August 4, 2024
The ETH was sent to exchanges with deep liquidity and included Binance, OKX, Bybit, Coinbase and Gate.io. Jump Trading’s recent activity comes after reports emerged in June that the company was being probed by the Commodities Futures Trading Commission (CFTC).
Ethereum Leads Latest Crypto Market Crash
Following a more than 19% correction, Ethereum traded at $2,338.71 as of 4:25 a.m. EST. With this recent drop, the leading altcoin’s weekly performance is also deep in the red zone by more than 30%.
Ethereum has posted the largest loss of the top 10 cryptos by market cap over the past 24 hours as well. This was after the overall market tumbled more than 13% in the past day.
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