On chain data: Jump Trading has transferred nearly $29 million worth of Ethereum to the selling addr

Renowned market maker Jump Trading seems to be continuously cashing out its holdings of Ethereum (ETH). According to information shared by on chain data analyst Yu Jin on Wednesday (7th), Jump Trading's address transferred 11500 ETH to the selling address, worth nearly $29 million.

In addition, Jump Trading continues to apply to redeem 19049 stETH (Lido Staked ETH, representing ETH pledged in the liquidity staking agreement Lido) into ETH.

Yu Jin further explained this:

Jump Trading is responsible for unpacking the address for redeeming ETH and transferring the 11500 ETH applied for redemption on August 4th to the address responsible for distributing and transferring ETH to the centralized exchange (CEX) in the future. Continue to transfer 16210 wstETH (worth approximately $47.92 million) from the address where wstETH (Lido encapsulated stETH) is stored to the address responsible for unpacking and redeeming ETH, and continue to apply for redemption. There are still 21394 wstETH (worth approximately $63.33 million) waiting to be redeemed and transferred out from the address where wstETH is stored.

According to a previous report by Zombiet, on chain data shows that Jump Trading seems to have been continuously selling Ethereum since July 24th. As of noon yesterday, the company may have proposed 606 million USDC stablecoins from Binance and deposited 440 million of them into the Coinbase exchange. It is speculated that these US dollar stablecoins may be withdrawn through Coinbase at a 1:1 ratio.