Jump Trading Sells $30M Ethereum, ETH Recovery In Doom?

Jump Trading has recently engaged in significant transactions involving Ethereum (ETH) and wrapped staked Ethereum (wstETH). On August 4, the trading firm-related address designated for unpacking and redeeming ETH transferred 11,500 ETH, valued at approximately $28.9 million. The shift was made to an address responsible for further distribution to centralized exchanges (CEX).,In a continued effort to redeem wstETH, Jump Trading has moved 16,210 wstETH, worth around $47.92 million, from its storage address to the address tasked with unpacking and redeeming Ethereum. This indicates a sustained strategy of liquidating staked assets to acquire ETH.,The storage address still holds 21,394 wstETH, approximately valued at $63.33 million, awaiting future redemption and transfer. These substantial movements reflect the firm’s ongoing activities in managing its staked assets and converting them into ETH for possible liquidation or other strategic purposes.,Moreover, blockchain analytics firm SpotOnChain has reported significant activity by the trading firm on Tuesday, August 6. The company transferred 17,576 ETH, valued at over $46.78 million, to various exchanges such as Binance, Coinbase, OKX, Bybit, and Gate.io.,These recent transactions have increased the firm’s total exchange deposits to $277 million worth of Ether in just the past 10 days. Since July 25, Jump Crypto has been actively converting and moving assets. The firm redeemed 83,091 wstETH, equivalent to $341 million, into 97,600 stETH. Additionally, they unstaked 86,059 stETH, amounting to $274 million, from Lido Finance.,Following these actions, the trading company deposited a net total of 72,213 ETH, or $231 million, to various exchanges. Currently, the firm’s holdings amount to approximately $706 million in various cryptocurrencies, including USDT, USDC, Bitcoin, and more.,Also Read: BlackRock Ethereum ETF Nets $108M Inflows As Nasdaq Seeks ETHA Options Trading,Ethereum has experienced a resurgence, climbing past the $2,500 mark today. This recovery marks a positive turn for the second-largest crypto by market capitalization, which has faced significant volatility in recent months. However, the recovery may be at risk due to the potential liquidation noted by Jump Trading.,At press time, the ETH price was up by 3.03% to $2,503.63 on Wednesday, August 7, 2024. Nonetheless, long and short liquidations are at par with over $20 million liquidated in each case. It suggests a stagnant performance, however, netizens expect a doom due to FUD around recent institutional liquidations.,Also Read: Crypto Prices Today August 7: BTC Touches $57K High, Altcoins Maintain Gains,