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A wallet supposedly tied to Jump Trading moves $29 million in ether, preparing for potential sales.
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The wallet still holds over 16,000 ETH, according to Spot On Chain.
A wallet tagged as belonging to trading giant Jump Trading moved large amounts of ether (ETH) on-chain as the second-largest cryptocurrency recovered from Monday's crypto-market rout .
According to blockchain sleuth Spot On Chain , the wallet unstaked 11,500 ether, worth $29 million, from liquid-staking service Lido Finance and moved the coins to an address labeled Jump Trading 0xf58: 0xf584f8728b874a6a5c7a8d4d387c9aae9172d621 .
The Chicago-based company has previously used that address to transfer coins to centralized crypto exchanges , a move often associated with an intention to sell or liquidate holdings in the market.
"Note that the 11,500 ETH has been transferred to the wallet '0xf58' which they often use to deposit ETH to CEX," Spot On Chain posted on X. "Currently, Jump Trading still holds 21,394 WSTETH ($63.6M) and 16,292 ETH ($41.3M) in the wallets and has 19,049 STETH under the unstaking process from Lido."
On Sunday, a wallet said to belong to the firm moved $46 million worth of ether to centralized exchanges, deepening ether's sell-off set in motion by macroeconomic developments. Ether, priced at $2,900 early Sunday, fell to almost $2,100 on Monday, CoinDesk data show.
"The selloff was exacerbated by crypto-specific catalysts, such as the unwinding of Jump Trading’s crypto portfolio following its CFTC probe, adding to the ongoing but subsiding supply overhangs from Mt.Gox creditor repayments and GBTC & ETHE outflows. Jump Crypto’s liquidations over the past two weeks stem predominantly from ETH, with deposits to exchanges rising to levels last seen during the FTX collapse," Coin Metrics said in a newsletter Tuesday.
The ether price has regained some poise since Monday, bouncing to over $2,400, tracking recovery in market leader bitcoin and signs of a risk-reset in traditional markets.