Ethereum (ETH) price could be at the mercy of another decline following reports that Jump Trading, the crypto arm of a Chicago-based trading firm, could sell millions of the altcoin.
Here is a look at the details and the potential consequences of the sale.
Another Big Sale At the Expense of Ethereum
According to Spot On Chain, Jump Trading unstaked ETH worth 11,500 ETH worth $29 million from Lido Finance. Moments later, on-chain data showed that it had transferred all the coins to a centralized exchange.
The transfer of previously locked assets to exchanges is a sign that a market participant wants to sell. The firm has also applied to redeem over 14,000 ETH valued at over $48 million. If this goes through, the sale will be worth almost $80 million.
Once this happens, there is a high chance that it will lead to another sale, potentially putting downward pressure on ETH’s price.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
However, this is not the first time that the firm has been involved in a sale recently. On August 5, Jump Trading sold ETH worth over $231 million.
Regarding this development, another on-chain data portal, EmberCN, shared details about Jump Trading’s other activities.
“Jump Trading is responsible for unpacking the ETH redemption address and transferring the 11,500 ETH ($28.9 million) redeemed on 8/4 to the address responsible for distributing and transferring the ETH to CEX. Continue to transfer 16,210 wstETH ($47.92 million) from the address storing wstETH to the address responsible for unpacking and redeeming ETH and continue to apply for redemption. The address storing wstETH still has 21,394 wstETH ($63.33 million) waiting for subsequent redemption and transfer.” The post revealed.
Disclaimer
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