The post Jump Crypto Deepened Crypto Crash Selling All ETH Weekend appeared on BitcoinEthereumNews.com.

Jump Crypto continued to move ETH from its wallets, unstaking it from LidoDAO. The trading and investment firm sent $91M worth of ETH and transformed holdings into stablecoins.  Jump Trading announced it would start unwinding its crypto activity, after releasing Jump Crypto president Kanav Kariya. Jump Crypto, one of the high-profile investors and market-makers, chose an illiquid weekend to unravel not only Ethereum (ETH) but all token positions. Jump Crypto selling aims to liquidate all tokens and switch to stablecoins.  Jump Crypto, the Web3 subsidiary of Jump Trading, chose a volatile, low-volume weekend to start divesting Ethereum (ETH) and tokens. In addition to selling ETH since July 25, Jump Crypto also reshuffled its wallets in the past 24 hours and divested even small token-based positions.  Jump Crypto has also raised suspicions of using algorithmic trading to speed up Bitcoin (BTC) crashes.  The recent market moves could reflect directed selling orders by Jump Crypto, with the goal to destabilize the market and trigger liquidations. Similar activity has been noted through Jane Street Group, which also moved tokens to exchanges in the past weeks.  ETH will have to absorb additional selling from Jump Crypto, based on still-available wallet holdings. After the news of the Jump Crypto dumping, ETH still managed to recover to $2,265.65, after sliding to $2,180. Money Flows Show Jump Crypto Sold Off ETH Holdings Recent money flow data shows Jump Crypto has liquidated $91M in Ethereum since the weekend started, with more waiting in the Lido DAO unstaking queue.  When it comes to unstaking, Jump Crypto is not the only entity putting pressure on the ETH market. There are 50,000 stETH waiting to be unstaked from Lido DAO and possibly enter spot markets.  Jump Crypto may have up to 120K stETH to unstake and move to centralized exchanges. Preliminary…

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Filed under: News - @ August 6, 2024 12:14 am