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.
Jump Trading started selling $ETH again just now!They claimed 17,049 $ETH($46.44M) from #Lido and transferred it out for sale.Jump Trading currently has 21,394 $wstETH($68.58M) left.https://t.co/Cx6nYYRtKw pic.twitter.com/ZNnY6EmeMF
— Lookonchain (@lookonchain) August 14, 2024
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, Gate.io, Bybit, and Coinbase.
Citing Arkham Intelligence data, an X user commented that the market maker transferred the funds back to their account, followed by a respondent who accused the firm of manipulating the market and wanting to buy more ETH. The shifts in funds could also indicate preparation to provide liquidity for trading activities against the sell-off narrative propagated by Lookonchain.
Despite the speculation, ETH has had profitable trading sessions, gaining about 3% during the day. The flagship altcoin has settled above the $2,600 region and traded for $2,750 as of press time, according to data from TradingView.
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