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Jump Trading has transferred significant amounts of ethereum and staked ethereum, sparking speculation about its intentions.
The Chicago-based trading giant has been actively moving its crypto assets, with notable transactions taking place over the past two weeks.
In the most recent development, Jump Trading withdrew 11,500 ethereum (eth), valued at approximately $29 million, from Lido Finance. This amount was transferred to an address known as “0xf58,” which the firm frequently uses to deposit eth on centralized exchanges.
The transfer has sparked widespread speculation that Jump Trading may be preparing to liquidate its holdings.
According to blockchain data tracker Spot On Chain, Jump Trading also converted 16,210 wrapped staked ethereum into 19,049 staked ethereum (stETH) in a short period of time.
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However, despite those moves, the firm still holds 21,394 wstETH, valued at $63.6 million, and 16,292 eth, valued at $41.3 million, in its wallets. Additionally, according to Spot on Chain, it holds another 19,049 stETH that are currently in the process of being unstaken from Lido.
Previous updates from the blockchain detective revealed that Jump Trading transferred 17,576 eth, worth $46.78 million, to various CEXs within 24 hours. This transfer came exclusively from its existing eth holdings, leaving the firm’s total crypto assets unstaken and in significant but reduced wallets.
In the past ten days, the company has deposited a staggering $231 million worth of eth across several major exchanges including Binance, OKX, Bybit, Coinbase, and Gate.io.
The company’s activity has seen the redemption of 83,091 wstETH, valued at $341 million, for 97,600 stETH and the subsequent divestment of 86,059 stETH, valued at $274 million, from Lido Finance. This has resulted in a net deposit of 72,213 eth, valued at $231 million, into these exchanges.
These substantial moves coincide with the recent recovery of the ethereum market, with the price of eth oscillating between a low of $2,423 and a high of $2,546 over the past 24 hours.
This recovery follows a period of significant volatility for the second-largest cryptocurrency by market capitalization.
However, Jump Trading's large-scale liquidations have created an atmosphere of uncertainty, with some speculating that the company's activities could trigger further market fluctuations.
The significant divestment and transfer of ethereum to exchanges suggests that the company could be preparing for more strategic moves, which could affect the performance of the cryptocurrency market in the near future.
