A recent move by market maker Jump Trading has fueled rumors of an ETH sell-off. On-chain analysis platform Lookonchain reported that Jump Trading transferred 17,049 ETH, worth $46.44 million, from Lido, suggesting a potential sale.
The blockchain analysis firm noted that the transfer marked a resumption of ETH selling by the market maker, highlighting the latest transfer left Jump Trading with a balance of 21,394 wstETH worth $68.58 million.
Lookonchain issued a similar alert on August 5, when Jump Trading sold 120,695 wstETH (worth $481 million). That sell-off coincided with a crypto market crash where ETH lost over 20% of its value in a single day, dropping to $2,110 before rebounding.
While Lookonchain’s data raises sell-off concerns, reports from Arkham Intelligence paint a different picture. Arkham’s data shows Jump Trading depositing funds to various exchanges, including Binance,…
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Source: https://coinedition.com/jump-tradings-eth-transfers-spark-sell-off-speculation/