tl;dr
Jump Trading has been reported to have dumped Ethereum (ETH) in large quantities, totaling nearly $300 million over the past week, coinciding with a 30% drop in ETH price. The trading firm transferred 17,576 ETH, worth $47 million, to centralized exchanges in the last 24 hours from its existing ETH ...
Jump Trading Report Jump Trading has been reported to have dumped Ethereum (ETH) in large quantities, totaling nearly $300 million over the past week, coinciding with a 30% drop in ETH price. The trading firm transferred 17,576 ETH, worth $47 million, to centralized exchanges in the last 24 hours from its existing ETH holdings.
At present, Jump Trading retains $101 million worth of wstETH and $26.3 million worth of stETH in its wallets. The firm's crypto holdings amount to $587 million, with $481 million in the USDC stablecoin.
Jump Trading has been rapidly liquidating its crypto holdings in the past 10 days, including redeeming $341 million worth of wstETH into stETH, unstaking $274 million worth of stETH from Lido Finance, and depositing close to $300 million worth of Ethereum to various centralized exchanges.
This development follows a major selloff in the Asian markets and raises speculation about Jump Trading potentially selling off Solana (SOL) next, amid a 37% drop in SOL price over the past week.
Popular blockchain analyst platform Spot on Chain recently reported that Jump Trading transferred a total of 17,576 ETH, worth a total of $47 million to centralized exchanges in the last 24 hours. Reportedly, these transfers have been from its existing ETH holdings. At press time, the Ethereum price is 19.49% down at $2,340 amid the broader market sell-off.
Currently, Jump Trading has retained a total of 37.6K wstETH ($101 million) and 11.5K stETH ($26.3 million) in their wallets so far. As per the data from Arkham Intelligence, the Jump Trading wallet has $587 million in crypto holdings of which, $481 million is in the USDC stablecoin. The platform has been liquidating its crypto holdings very fast in the past 10 days.
Since July 25, Jump Trading has:
- Redeemed a total of 83,091 wstETH ($341 million) into 97,600 stETH.
- Unstaked a total of 86,059 stETH ($274 million) from Lido Finance.
- Furthermore, it has deposited Ethereum worth close to $300 million to different centralized exchanges including top players like OKX, Binance, Coinbase, and Gate.io.
This recent dumping by Jump Trading coincides with the crypto market crash, following a major selloff in the Asian markets on Monday. Reports have been emerging that Jump Trading has been unwinding its crypto positions because of the heat over Solana. Thus, the market has been speculating that Jump Trading founder Ansem could be on a SOL selling spree very soon.
The Solana price has already been down 37% over the past week. At press time, SOL is trading at 15.76% down at $121 with a market cap of $56.5 billion.
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More about Emeren Group Ltd
Stock Analysis Summary
Company: Emeren Group Ltd, ReneSola Ltd
Industry: Manufacturing, Semiconductors & Related Devices
Market Cap: 88786000
Headquarters: Stamford, Connecticut
EPS: -0.68
Revenue: 1.918
Net Income: -0.127
Volume: 106582000
Dividend Yield: 4.38
P/E Ratio: 3.42
Price/Book: 0.148