Ethereum (ETH) Price at Risk of Further Decline Amid Potential Massive Sale by Jump Trading
Recent reports suggest that Ethereum’s price could face additional downward pressure following news that Jump Trading, the crypto division of a Chicago-based trading firm, may be preparing to sell millions worth of the altcoin.
A Major Sale Looming Over Ethereum
According to insights from Spot On Chain, Jump Trading recently unstaked 11,500 ETH, valued at approximately $29 million, from Lido Finance. Shortly after, on-chain data indicated that these assets were transferred to a centralized exchange, a clear signal that the firm might be planning to sell.
Adding to the potential impact, Jump Trading has also applied to redeem over 14,000 ETH, worth an estimated $48 million. Should this transaction proceed, the total sale could reach nearly $80 million, potentially exerting significant downward pressure on ETH’s price.
This isn’t the first time the firm has engaged in large-scale sales. On August 5, Jump Trading offloaded over $231 million worth of ETH, further stirring market concerns.
In a related development, another on-chain data platform, EmberCN, provided additional details about Jump Trading’s activities.
“Jump Trading is responsible for unpacking the ETH redemption address and transferring the 11,500 ETH ($28.9 million) redeemed on August 4 to the address responsible for distributing and transferring the ETH to CEX. They have continued to transfer 16,210 wstETH ($47.92 million) from the address storing wstETH to the address responsible for unpacking and redeeming ETH, and they continue to apply for redemption. The address storing wstETH still holds 21,394 wstETH ($63.33 million), awaiting further redemption and transfer,” the post disclosed.
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