Jump Crypto Liquidates ETH Positions, Moves $46.7M of ETH to CEX
Jump Crypto, the crypto firm of Jump Trading has liquidated huge amounts of Ethereum to centralized exchanges (CEXs) such as Binance, OKX, Bybit, Coinbase, and Gateio, as the crypto market sees a sell-off.
Data from Spot On Chain, a blockchain analytics platform, highlights Jump Crypto has moved 17,576 ETH, valued at approximately $46.78 million, to various CEXs within the last 24 hours.
“Their [Jump Crypto’s] remaining 37.6K $wstETH ($101M) and 11.5K $STETH ($26.3M) still remain in their wallet and under the unstaking process from Lido Finance, respectively,” notes the analytics platform.
[Update] Jump Trading moved another net amount of 17,576 $ETH ($46.78M) to CEX in the past 24 hours!
This solely came from their existing $ETH holding.
Their remaining 37.6K $wstETH ($101M) and 11.5K $STETH ($26.3M) still remain in their wallet and under the unstaking process… https://t.co/fNn4RKejgf pic.twitter.com/Koab3o8ybV
— Spot On Chain (@spotonchain) August 5, 2024
Chicago-based company Jump Trading’s crypto division, Jump Crypto, has been instrumental in these huge Ethereum transactions.
These recent Ethereum liquidations come after July 25, when Jump Trading reportedly redeemed 83,091 wrapped staked Ethereum (wstETH), worth $341 million, into 97,600 staked Ethereum (stETH).
Following this redemption, they have unstaked 86,059 stETH, equivalent to $274 million, from Lido Finance, a leading decentralized staking platform.
Jump Trading has deposited a net amount of 72,213 ETH, valued at $231 million, into several major centralized exchanges, including Binance, OKX, Bybit, Coinbase, and Gateio.
On Monday, Ethereum the second largest crypto is trading down 19% at $$2,356 in the last 24 hours. Bitcoin traded 10% lower at $54,207 at 3:50
