Cryptocurrency market activity in recent days has caught investors‘ attention. Jump Trading is in the spotlight with its Ethereum sales. According to Spot on Chain’s data, Jump Trading transferred 17,576 ETH worth 47 million dollars to centralized exchanges in the last 24 hours. These transfers caused Ethereum’s price to drop by 19.49% to 2,340 dollars.
Rapid Liquidations
Jump Trading currently holds 37.6K wstETH worth 101 million dollars and 11.5K stETH worth 26.3 million dollars in its wallets. In total, there are 587 million dollars worth of crypto assets. Of these, 481 million dollars are held in USDC.
In the last 10 days, Jump Trading has rapidly liquidated its crypto assets. Since July 25:
- Converted 83,091 wstETH (341 million dollars) to stETH.
- Unstaked a total of 86,059 stETH worth 274 million dollars from Lido Finance.
- Deposited approximately 300 million dollars worth of Ethereum to centralized exchanges.
These moves coincide with the crypto market crash following a major sell-off in Asian markets. The likelihood of a US recession has significantly increased if the Fed does not take urgent measures. During the recent correction, the total number of new ETH addresses fell to the lowest levels since the beginning of 2024. This indicates a noticeable decline in interest in Ethereum.
Is Solana the Next to Be Sold?
Reports suggest that Jump Trading is liquidating its crypto positions due to pressure on Solana. The market speculates that Jump Trading founder Ansem might soon sell SOL. Solana’s price dropped by 37% last week and is currently trading at 121 dollars, down 15.76%. Solana’s market cap is 56.5 billion dollars.
Jump Trading’s recent moves in the crypto market have made investors uneasy. The future performance of Ethereum and Solana is eagerly awaited. These rapid changes in the cryptocurrency market require investors to be cautious.
Jump Trading’s large-scale sales have caused significant market fluctuations, prompting investors to reassess their strategies. In this period of increased uncertainties in the crypto world, it is crucial for market players to take careful steps.
