coindesk.com
A wallet supposedly tied to Jump Trading moves $29 million in ether, preparing for potential sales.
The wallet still holds over 16,000 $ETH, according to Spot On Chain.
A wallet tagged as belonging to trading giant Jump Trading moved large amounts of ether ($ETH) on-chain as the second-largest cryptocurrency recovered from Monday's crypto-market rout.
According to blockchain sleuth Spot On Chain, the wallet unstaked 11,500 ether, worth $29 million, from liquid-staking service Lido Finance and moved the coins to an address labeled Jump Trading 0xf58: 0xf584f8728b874a6a5c7a8d4d387c9aae9172d621.
The Chicago-based company has previously used that address to transfer coins to centralized crypto exchanges, a move often associated with an intention to sell or liquidate holdings in the market.
"Note that the 11,500 $ETH has been transferred to the wallet '0xf58' which they often use to deposit $ETH to CEX," Spot On Chain posted on X. "Currently, Jump Trading still holds 21,394 WSTETH ($63.6M) and 16,292 $ETH ($41.3M) in the wallets and has 19,049 STETH under the unstaking process from Lido."
On Sunday, a wallet said to belong to the firm moved $46 million worth of ether to centralized exchanges, deepening ether's sell-off set in motion by macroeconomic developments. Ether, priced at $2,900 early Sunday, fell to almost $2,100 on Monday, CoinDesk data show.
"The selloff was exacerbated by crypto-specific catalysts, such as the unwinding of Jump Trading’s crypto portfolio following its CFTC probe, adding to the ongoing but subsiding supply overhangs from Mt.Gox creditor repayments and GBTC & ETHE outflows. Jump Crypto’s liquidations over the past two weeks stem predominantly from $ETH, with deposits to exchanges rising to levels last seen during the FTX collapse," Coin Metrics said in a newsletter Tuesday.
The ether price has regained some poise since Monday, bouncing to over $2,400, tracking recovery in market leader bitcoin and signs of a risk-reset in traditional markets.