Key Takeaways:
- Jump Crypto transferred over $314.8 million in staked-Ether to exchanges amid market speculation.
- Analysts report a total of $410 million in unstaked Ether, with $191 million already on exchanges.
- Critics connect these transfers to leadership changes and a CFTC investigation.
Jump Crypto, the digital asset division of Jump Trading, recently transferred hundreds of millions in crypto assets to exchanges, sparking speculation of a major sell-off.
On July 24, over 120,000 staked-Ether (ETH) tokens worth $314.8 million were moved, coinciding with the launch of Ether exchange-traded funds in the US.
JUMP TRADING MAKING WAVES IN THE ETH SCENE!
— Mario Nawfal’s Roundtable (@RoundtableSpace) August 5, 2024
Jump Trading's pulling some major moves in the crypto space, flipping $410 million worth of 120,000 wstETH into ETH like a boss.
Since July 25, they’ve transformed 83,000 wstETH into 97,500 ETH, sending 66,000 ETH, valued at $191.4… pic.twitter.com/IlG5ZP4hyv
Arkham’s blockchain data shows these funds were unstaked and transferred to exchanges like Binance and Coinbase.
Analyst EmberCN estimated $410 million in unstaked Ether, with $191 million already on exchanges.
CRYPTO MOVE: JUMP TRADING'S BIG PLAY!
— IBC Group Official (@ibcgroupio) August 5, 2024
Jump Trading just redeemed a whopping $410 million worth of 120,000 wstETH into ETH.
Since July 25, they’ve turned 83,000 wstETH into 97,500 ETH.
Of that, 66,000 ETH, worth $191.4 million, have hit the exchanges like Binance and OKX.
This… pic.twitter.com/kmydMGMK7L
Jump Crypto still holds $125.8 million in staked-Ether, including $116.1 million in wrapped-Lido Staked Ether (WSTETH).
Other assets like USDC, USDT, UNI, and SHIB were also moved amid a significant market downturn.
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