The post Empire Newsletter: A weekend selloff spooks crypto appeared on BitcoinEthereumNews.com.

Today, enjoy the Empire newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Empire newsletter. Sunday scaries Crypto needs a main character. Today, it’s Jump Crypto. As of earlier this morning, Jump had sent almost $136 million in ETH over the past four or so days to platforms including OKX, Binace and Coinbase, among others.  The price of ETH has meanwhile sunk 30%, from $3,230 to $2,250. But Jump trades a lot. It’s a market maker, after all. Its outbound transfers to exchanges only really tell half of the story — at best.  Over the same four or so days (Aug. 1 to Aug. 5), $24.44 million in ETH has flowed back into Jump Crypto’s wallets from exchanges.  So, Jump Crypto has seen net ETH outflows to exchanges over the month to date of $111.5 million. (That figure includes wrapped and staked ETH tokens.) It’s a lot of crypto, but scaled to the market, it’s not really that much. OKX’s ETH/USDT market is currently seeing over $2.1 billion in daily volume alone, according to CoinGecko. That’s 100x more than Jump Crypto’s average daily net outflows right now. And then there’s the billions in ETH traded on Binance, Coinbase and others. Still, the onchain data does show Jump Crypto increasing the volume of its ETH transfers to exchanges since July 25.  Jump had apparently unwrapped liquid stake ETH via Lido six days earlier, amounting to 120,695.4 ETH ($317.1 million then, $271 million now). Notice purple diamonds become bigger and more frequent once ETH dropped from almost $3,500 to under 3,200 in the second half of the chart The chart above shows the price of ETH over the past month. Green plus symbols show hours in which net ETH flows into Jump Crypto’s wallets were positive. Purple…

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Filed under: News - @ August 5, 2024 2:14 pm