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Jump Trading’s Ethereum Selloff May Trigger Another ETH Price Crash
Crypto market maker Jump Trading has started selling more Ethereum holdings, according to on-chain data platforms. This move may bring a correction in ETH price, similar to a more than 20% crash last week.
Lookonchain reported that prominent crypto trading firm Jump Trading has started selling ETH once again. The firm claimed 17,049 ETH worth $46.44 million from liquid staking protocol Lido. It then transferred the coins to the wallet address "0xf584f8728b874a6a5c7a8d4d387c9aae9172d621". Notably, the firm uses the wallet for selling to crypto exchanges.
The crypto market maker currently holds 21,394 wstETH, which is valued at $68.58 million.
The Selloffs Picked Pace After Kanav Kariya’s Departure
Last week, ETH price dropped more than 20% after Jump Trading liquidated $300 million to crypto exchanges. It started with 17,576 ETH worth $46 million dumped centralized exchanges, but the trading firm is moving a larger amount of ETH as compared to the past week.
ETH price currently trading more than 3% in the past 24 hours, with the price currently trading at $2,725. The 24-hour low and high are $2,613 and $2,750, respectively. Furthermore, the trading volume has decreased by 28% in the last 24 hours, indicating a decline in interest among traders.
Ethereum Witnessing a Sudden Selling Activity
Ethereum is witnessing a sudden selling activity in the derivatives market. Total ETH futures open interest fell more than 1% on some exchanges in the last 4 hours, as per Coinglass data. The futures open interest is at $29.92 billion, up 5% in the last 24 hours.
Potential Liquidation of Threshold (T) by Jump Trading
Meanwhile, CoinGape reports a potential liquidation of Threshold (T) by Jump Trading after the recent $300 million Ethereum dump.
Conclusion
Jump Trading’s Ethereum selloff may trigger another ETH price crash, similar to the 20% crash last week. The trading firm has started selling more ETH, and the derivatives market is witnessing a sudden selling activity. The price of ETH is currently trading at $2,725, and the trading volume has decreased by 28% in the last 24 hours.
FAQs
Q: What is Jump Trading’s current ETH holding?
A: Jump Trading currently holds 21,394 wstETH, valued at $68.58 million.
Q: How much ETH did Jump Trading sell last week?
A: Jump Trading liquidated $300 million to crypto exchanges last week.
Q: What is the current price of ETH?
A: The current price of ETH is $2,725.
Q: Has the trading volume of ETH decreased?
A: Yes, the trading volume of ETH has decreased by 28% in the last 24 hours.
Q: What is the total ETH futures open interest?
A: The total ETH futures open interest is at $29.92 billion, up 5% in the last 24 hours.
