Jump Trading’s recent transfer of millions in Ethereum to centralized exchanges has unsettled the crypto market.p333 casino

Over the weekend, the firm moved 17,576 ETH, valued at $46.78 million, to exchanges such as Binance, OKX, Coinbase, ByBit, and Gate.io, according to blockchain analytical platform Spot On Chain.

This move follows a pattern noted by crypto analyst Ember CN. Since July 25, Jump Trading has converted 83,091 wstETH, worth $341 million, into 97,600 stETH and unstaked 86,059 stETH, valued at $274 million, from Lido Finance. The firm subsequently deposited a net 72,213 ETH, worth $231 million, into various exchanges.

Typically, such transfers signal bearish sentiment, suggesting holders may want to sell off their crypto. Despite these moves, the firm still retains significant assets, including approximately 37,604 wstETH and 3,214 RETH, valued at around $110 million, according to Arkham Intelligence data.

Meanwhile, another wallet associated with the firm holds around $585 million in crypto, including USDC and USDT. However, on-chain data shows that the wallet’s balance declined by more than 50% last month before recovering to its current balance.

Jump Trading’s actions have contributed to a broader market decline, with major digital assets like Bitcoin and Ethereum experiencing double-digit drops. Blockchain analyst Lookonchain pointed out that the market has fallen by over 33% since the firm began selling on July 24.

Gracy Chen, CEO of Bitget, told CryptoSlate that prominent players like Jump Trading offloading ETH and the bearish forecasts following ETF approvals influenced the market downturn.

Adam Cochran, the Managing Partner at Cinneamhain Ventures, criticized Jump Trading’s operations, stating:

“Jump liquidating their crypto book into thin markets on a summer Sunday afternoon perfectly sums up why their crypto operation is such a mess.”

Meanwhile, other crypto community members speculated that the fund movement may be a prelude to its impending legal confrontation with the US Commodity Futures Trading Commission (CFTC). The financial regulator is investigating the firm’s trading and investment activities within the crypto space. Amid these challenges, company president Kanav Kariya has resigned.

Over the years, Jump Trading has faced numerous challenges, including a $325 million hack of Wormholep333 casino, losses from the FTX collapse in 2022, and accusations of manipulating Terra’s algorithmic UST stablecoin peg.

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