24/7 Cryptocurrency News

Jump Trading Dumping Ethereum, Which Crypto Is Next?

Reports suggest that Jump Trading founder Ansem could be selling Solana in large quantities. Jump wallet has 96% in USDC stablecoins now.
Published by
Jump Trading Dumping Ethereum, Which Crypto Is Next?

Highlights

  • Jump Trading has offloaded nearly $300 million worth of crypto in the last ten days.
  • Jump Trading is reportedly unwinding all of its crypto positions amid fears around Solana.
  • The Ethereum dumping coincides with the broader crypto market sell-off amid fears of US recession growing.

As per the latest reports, Jump Trading has been dumping Ethereum (ETH) in the largest quantities worth nearly $300 million over the past week. The development comes at a time when the ETH price has already been trading under pressure with a massive 30% drop over the past week.

Advertisement

Jump Trading Dumping Ethereum

Popular blockchain analyst platform Spot on Chain recently reported that Jump Trading transferred a total of 17,576 ETH, worth a total of $47 million to centralized exchanges in the last 24 hours. Reportedly, these transfers have been from its existing ETH holdings. At press time, the Ethereum price is 19.49% down at $2,340 amid the broader market sell-off.

Currently, Jump Trading has retained a total of 37.6K wstETH ($101 million) and 11.5K stETH ($26.3 million) in their wallets so far. As per the data from Arkham Intelligence, the Jump Trading wallet has $587 million in crypto holdings of which, $481 million is in the USDC stablecoin.

The platform has been liquidating its crypto holdings very fast in the past 10 days. Since July 25, Jump Trading has:

  • Redeemed a total of 83,091 wstETH ($341 million) into 97,600 stETH.
  • Unstaked a total of 86,059 stETH ($274 million) from Lido Finance
  • Furthermore, it has deposited Ethereum worth close to $300 million to different centralized exchanges including top players like OKX, Binance, Coinbase, and Gate.io.

This recent dumping by Jump Trading coincides with the crypto market crash, following a major selloff in the Asian markets on Monday. The chances of a US recession have shot up significantly if the Fed doesn’t take emergency measures on rate cuts.

Also Read:

Amid the recent correction, the total number of new ETH addresses has also dropped to the lowest levels since the beginning of 2024.

Also Read: Bitcoin ETFs To See 30% Gap Down From Jan Levels On Monday

Advertisement

What Will Jump Trading Sell Next?

Reports have been emerging that Jump Trading has been unwinding its crypto positions because of the heat over Solana. Thus, the market has been speculating that Jump Trading founder Ansem could be on a SOL selling spree very soon. The Solana price has already been down 37% over the past week. At press time, SOL is trading at 15.76% down at $121 with a market cap of $56.5 billion.

Also Read: Peter Schiff Slams Bitcoin Debt Repayment Plan By Donald Trump

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun Justin Justin Sun responded to World Liberty Financial freezing his wallet by promising…

September 6, 2025
  • 24/7 Cryptocurrency News

Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500

Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…

September 6, 2025
  • 24/7 Cryptocurrency News

MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings

MARA Holdings, Inc. announced that it now holds $5.9 billion worth of Bitcoin. This cements…

September 6, 2025
  • 24/7 Cryptocurrency News

Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill

The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…

September 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor’s Strategy Fails To Make S&P 500 Listing, MSTR Stock Drops

Strategy, led by Executive Chairman Michael Saylor, has been left out of the latest S&P…

September 6, 2025