Jump Trading Dumping Ethereum, Which Crypto Is Next?

As per the latest reports, Jump Trading has been dumping Ethereum (ETH) in the largest quantities worth nearly $300 million over the past week. The development comes at a time when the ETH price has already been trading under pressure with a massive 30% drop over the past week.,Popular blockchain analyst platform Spot on Chain recently reported that Jump Trading transferred a total of 17,576 ETH, worth a total of $47 million to centralized exchanges in the last 24 hours. Reportedly, these transfers have been from its existing ETH holdings. At press time, the Ethereum price is 19.49% down at $2,340 amid the broader market sell-off.,Currently, Jump Trading has retained a total of 37.6K wstETH ($101 million) and 11.5K stETH ($26.3 million) in their wallets so far. As per the data from Arkham Intelligence, the Jump Trading wallet has $587 million in crypto holdings of which, $481 million is in the USDC stablecoin.,The platform has been liquidating its crypto holdings very fast in the past 10 days. Since July 25, Jump Trading has:,,This recent dumping by Jump Trading coincides with the crypto market crash, following a major selloff in the Asian markets on Monday. The chances of a US recession have shot up significantly if the Fed doesn’t take emergency measures on rate cuts.,Also Read:,Amid the recent correction, the total number of new ETH addresses has also dropped to the lowest levels since the beginning of 2024.,Also Read: Bitcoin ETFs To See 30% Gap Down From Jan Levels On Monday,Reports have been emerging that Jump Trading has been unwinding its crypto positions because of the heat over Solana. Thus, the market has been speculating that Jump Trading founder Ansem could be on a SOL selling spree very soon. The Solana price has already been down 37% over the past week. At press time, SOL is trading at 15.76% down at $121 with a market cap of $56.5 billion.,Also Read: Peter Schiff Slams Bitcoin Debt Repayment Plan By Donald Trump,