Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum (ETH) price could be at the mercy of another decline following reports that Jump Trading, the crypto arm of a Chicago-based trading firm

Crypto trading firm Jump Trading has moved millions of unstaked Ethereum (ETH) from Lido Finance to a centralized exchange, suggesting a large-scale sale.

As reported by on-chain data platform Spot On Chain, Jump Trading unstaked 11,500 ETH, valued at around $29 million at the time, from Lido Finance on August 4.

On-chain data showed that the coins were then transferred by the firm to a centralized exchange.

Typically, when previously locked assets are moved to exchanges, it can indicate that the market participant is preparing to sell.

The firm has also applied to redeem over 14,000 ETH, currently valued at over $48 million. If this goes through, the total sale will be almost $80 million.

Should this occur, it will likely lead to another sell-off, potentially putting downward pressure on ETH’s price.

This is not the first time that the firm has been linked to a large-scale sale recently. On August 5, it was reported that Jump Trading sold ETH to the tune of over $231 million.

On this development, another on-chain data portal, EmberCN, shared details about other activities by Jump Trading.

“Jump Trading is responsible for unpacking the ETH redemption address and transferring the 11,500 ETH ($28.9 million) redeemed on 8/4 to the address responsible for distributing and transferring the ETH to CEX. Continue to transfer 16,210 wstETH ($47.92 million) from the address storing wstETH to the address responsible for unpacking and redeeming ETH and continue to apply for redemption. The address storing wstETH still has 21,394 wstETH ($63.33 million) waiting for subsequent redemption and transfer,” the post revealed.

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