Jump Trading has shifted significant amounts of Ethereum and wrapped staked Ethereum, raising speculation about its intentions.
Jump Trading, a Chicago-based firm, has been moving its crypto assets, with major transactions occurring in the past two weeks.
In the latest move, Jump Trading unstaked 11,500 Ethereum (ETH) worth around $29 million from Lido Finance. It transferred this amount to an address commonly used to deposit ETH into centralized exchanges.
The transfer has led to speculation that Jump Trading may 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) recently.
Jump Trading has shifted significant amounts of Ethereum and wrapped staked Ethereum, raising speculation about its intentions.
However, despite these movements, the firm still holds 21,394 wstETH valued at $63.6 million and 16,292 ETH worth $41.3 million. Another 19,049 stETH is currently being unstaked from Lido.
Earlier, Jump Trading transferred 17,576 ETH, valued at $46.78 million, to various centralized exchanges within 24 hours. Despite this, the firm’s total crypto assets remain substantial.
Over the past ten days, Jump Trading has deposited $231 million worth of ETH into multiple exchanges like Binance, OKX, Bybit, Coinbase, and Gate.io.
The firm has redeemed 83,091 wstETH, worth $341 million, into 97,600 stETH and unstaked 86,059 stETH valued at $274 million, resulting in a net deposit of 72,213 ETH, worth $231 million, into these exchanges.
These activities coincide with Ethereum’s market recovery, with ETH prices fluctuating between $2,423 and $2,546 in the last 24 hours.
This recovery follows a volatile period for Ethereum, the second-largest cryptocurrency by market cap.
Jump Trading’s significant actions have created uncertainty, with some speculating that these moves might cause further market fluctuations.
The firm’s substantial unstaking and transfers to exchanges indicate potential strategic moves, possibly affecting Ethereum’s market performance soon.
