Jump Trading Offloads $377M in wstETH, Signals More to Come

YEREVAN (CoinChapter.com) — The crypto market recently experienced a significant downturn after large-scale selling by Jump Trading.

CoinChapter: Key Takeaways

* A report by QCP Group highlighted large-scale selling by Jump Trading, which significantly impacted the crypto market.

* This activity led to a steep drop in the price of Ether (ETH), with a 14.57% decrease in 24 hours, reaching $2,430.89.

* The selling by Jump Trading, along with Paradigm VC, caused a rapid response by market makers, with a surge in front-end ETH volumes by over 30%, reaching up to 120%.

* Jump Crypto, the digital asset division of Jump Trading, moved large amounts of Wrapped Lido Staked ETH (wstETH) to crypto exchanges.

* Since July 24, Jump Crypto sold over $377 million in wstETH, coinciding with the decline in Ether's price.

* According to Lookonchain, Jump Trading planned to sell a total of $481 million in wstETH, with $104 million left to be sold.

* Ether faced a critical support level at $2,200, with a fall below this level potentially triggering more selling, leading to further declines in the market.

* The market downturn was also influenced by broader macroeconomic factors, such as disappointing U.S. unemployment data, which contributed to the rising unemployment claims.

* Geopolitical tensions, particularly between Israel and Iran, also impacted the market, with Israel killing the Hamas leader and Iran vowing to take action, prompting the U.S. to deploy troops into the Middle East.

* Jump Trading is reportedly being investigated by the U.S. Commodities and Futures Trading Commission (CFTC), with the firm's president, Kanav Kariya, stepping down from his role on June 24.

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