Crypto firm Jump Trading has started selling more Ethereum holdings, potentially leading to an ETH price drop. This comes after unstaking 17,049 ETH from the liquid staking protocol Lido.
Beginning of Ethereum Sales by Jump Trading
According to on-chain data platforms, Jump Trading sold 17,049 ETH worth $46.44 million, which was unstaked from the Lido protocol. The company transferred these coins to its wallet address '0xf58,' which is used for selling on crypto exchanges.
Market Impact
At the time of writing, ETH continues to trade above $2,700 despite a more than 3% decline over the past 24 hours. However, trading volume has dropped by 28%, indicating a decrease in trader interest. According to Coinglass data, total ETH futures open interest fell more than 1% on some exchanges in the last 4 hours, possibly signaling continued selling activity.
Additional Actions by Jump Trading
Jump Trading is also selling its other assets, such as Threshold (T), following the $300 million Ethereum sell-off last week. Jump Crypto president Kanav Kariya announced his departure from the company, following the CFTC's investigation into Jump Crypto in June.
Jump Trading's actions in the crypto market could significantly impact Ethereum's price and trading volume. Traders should closely monitor the company's future moves.
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