Spot On Chain analysts have recorded new movement of funds in crypto wallets associated with Jump Trading. The data obtained indicates that the company withdrew 11,500 ETH worth $29 million from the liquid staking service Lido Finance.
Jump Trading successfully unstaked 11.5K $ETH ($29M) from Lido Finance and continued to redeem 16,210 $WSTETH into 19,049 $STETH in the past hour.
Note that the 11,500 $ETH has been transferred to the wallet “0xf58” which they often use to deposit $ETH to CEX.
Currently, Jump… https://t.co/oZnrtNqr88 pic.twitter.com/EHP50yqbEA
— Spot On Chain (@spotonchain) August 7, 2024
According to Spot On Chain, the funds were subsequently transferred to a crypto wallet labeled Jump Trading. The report says the company had previously used the address to send assets to centralized crypto exchanges for sale or liquidation.
Jump Trading reportedly continues to hold 21,394 wrapped wstETH worth $63.6 million and 16,292 ETH with an estimated value of $41.3 million. In addition, another 19,049 stETH are in the process of being withdrawn from the Lido Finance service, analysts said.
Recall that over the course of 11 days, the company transferred more than 100,000 ETH to exchanges. Against the backdrop of these transactions, on August 5, 2024, the price of Ethereum fell by 17% in a day and by more than 30% in a week.
In addition to Jump Trading’s actions, macroeconomic factors could have triggered a significant drawdown in the crypto market.
On August 7, the price of Ethereum partially recovered its lost positions and tested $2,550. At the time of publication, the asset is trading near $2,475, according to TradingView.
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Source: Cryptocurrency
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