Ethereum

<ul class="news-points wp-block-list" "wp-block-list"> 
 <li><strong>Jump Trading’s $410M ETH transfer to exchanges may indicate a potential sell-off.</strong></li> 
 <li><strong>Jump Trading’s wstETH conversions to ETH spark market speculation and uncertainty.</strong></li> 
 <li><strong>Ethereum volatility increases as Jump Trading moves significant ETH to major exchanges.</strong></li> 
</ul> 
<p>Trading firm, Jump Trading, recently converted a substantial amount of wrapped staked Ethereum (wstETH) into Ethereum (ETH), as noted by Wu Blockchain on X (formerly Twitter).</p> 
<p>The firm converted 120,000 wstETH, valued at $410 million, into ETH and subsequently moved this large sum to major crypto exchanges such as <a href="https://coinedition.com/binance-tops-in-volume-and-liquidity-ahead-of-okx-and-other-crypto-exchanges/">Binance and OKX</a>. This action has raised eyebrows within the crypto community, potentially signaling a sell-off of Ethereum.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Jump Trading recently redeemed $410 million worth of 120,000 wstETH into ETH and then transferred it to CEXs such as Binance and OKX. Since July 25, 83,000 wstETH have been redeemed into 97,500 ETH, and 66,000 ETH (worth $191.4 million) have entered the exchanges.…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1819917456632348687?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">August 4, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Since July 25, Jump Trading has redeemed 83,000 wstETH into 97,500 ETH over nine days. Of this, 66,000 ETH, worth approximately $191.4 million, have already been …</p>
<p>The post <a href="https://coinedition.com/jump-trading-unwraps-410m-wsteth-fuels-ethereum-sell-off-fears/">Jump Trading Unwraps $410M wstETH, Fuels Ethereum Sell-Off Fears</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.</p>

Jump Trading Unwraps $410M wstETH, Fuels Ethereum Sell-Off Fears

Coin Edition

Other articles published on Aug 5, 2024

Crypto Market Crashes: Bitcoin Falls 16% and Ethereum Plunges 22% Amid $1B Liquidations

Bitcoin analyst sees seller ‘exhaustion’ as BTC price rebounds 10%

Australia’s Big Banks Block Crypto Payments Amid Rising Crypto Popularity

Why Bitcoin, Ethereum ETFs Are Crashing Today In Premarket

Inflation Data Shows Significant Price Increases in July 2024

Crypto Carnage: Bitcoin Crashes Below $54K, Ethereum Plummets 30% In Last 7 Days!

Join our free newsletter for daily crypto updates!