Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Jump Crypto Is Likely Selling Its Crypto Holdings Worth Hundreds of Millions of Dollars

Source Livebitcoinnews

The crypto arm of Jump Trading, Jump Crypto, has unstaked about 120,000 ETH worth over $275 million. Jump Crypto will likely sell these assets as it has been moving them to crypto exchanges Binance, Coinbase, OKX, Bybit, and Gate.io wallets, according to Arkham Intelligence data.

On-chain analyst Ember CN mentioned on X, “Jump Trading may be selling ETH: they are currently redeeming a wstETH (120,000 pieces) worth US$410 million in batches into ETH and then transferring it to exchanges such as Binance/OKX. So far, they have unpacked 83,000 wstETH and redeemed them into 97,500 ETH in the 9 days since July 25, of which 66,000 ETH ($191.4M) have entered the exchange.” Since that post went up, ETH’s price, alongside other cryptos’ prices, fell drastically, reducing the value of ETH unstaked and transferred by Jump Crypto.

The trading firm started moving the assets to exchanges a day after spot ETH ETFs went live in the US. Many analysts are now speculating that Jump Crypto‘s actions prevented ETH from growing as expected after the launch of the ETFs. Furthermore, they believe that the firms activities are also forcing crypto prices to drop, in tandem with other macroeconomic factors.

Despite the unstaking and sending to exchanges, Jump Crypto still has over 40,000 ETH locked in liquidity staking protocols Lido Finance and Rocket Pool, amounting to over $110 million. Nevertheless, it has also moved assets to exchanges beyond ETH, like USDC, USDT, UNI, and SHIB.

The crypto community did not take kindly to the news. Many fired at Jump Crypto for offloading high volumes in the aftermath of a historically bad week for stock markets worldwide. Adam Cochran, partner at Cinneamhain Ventures, stated, “Jump liquidating their crypto book into thin markets on a summer Sunday afternoon, perfectly sums up why their crypto operation is such a mess.” X user and crypto enthusiast Wazz mentioned, “That means they got ppl to work fuckin SHIFTS dumping their books on an illiquid weekend following the worst stock market day in years.”

Jump Crypto has also been in the news for another negative reason not too long ago—the resignation of its president, Kanav Kariya, with a Commodities and Futures Trading Commission (CFTC) investigation looming over the firm.

The post Jump Crypto Is Likely Selling Its Crypto Holdings Worth Hundreds of Millions of Dollars appeared first on Live Bitcoin News.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

Sep 16, Wed

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dow drops 631 points as the Fed hikes — but futures are rebounding: what's next for US stocks?The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Author Irene Q.

21 hours ago

The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

21 hours ago

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Popular Symbols