Prominent market maker Jump Trading has continued its aggressive selling of Ethereum ETH/USD, having transferred another 11,500 ETH to a selling address.
What Happened: This brings the total amount of the crypto sold in recent weeks to over 36,000, but, according to blockchain sleuth EmberCN, Jump Trading is not stopping there.
The firm has initiated the process to redeem an additional 19,049 stETH (staked Ethereum) for regular ETH, signaling further selling pressure on the horizon.
This comes as part of a broader trend observed among top market makers, who have collectively sold over 130,000 ETH, valued at more than $290 million, since July 24 when the market began to experience a downturn.
Other major players like Wintermute and Flow Traders have also been offloading significant amounts of ETH.
Wintermute leads the pack with sales exceeding 47,000 ETH, while Jump Trading follows closely with over 36,000 ETH sold.
Despite these large-scale sell-offs, some market analysts remain optimistic about Ethereum’s future.
Also Read: Bitcoin Defies Bearish Signals As Bank Of Japan’s Stance Reshapes Market Dynamics
Michaël van de Poppe, founder of MN Capital, pointed out an interesting dynamic in the Ethereum market.
He noted that while the ETH supply created in 2024 amounts to $160 million, the net inflow into ETH ETFs over just two days reached $150 million.
Van de Poppe suggested this indicates demand outpacing supply, potentially setting the stage for a price rally if the trend continues.
As of now, Jump Trading still holds approximately 21,394 wstETH (worth about $63.33 million) in its storage address, which is expected to be redeemed and potentially sold in the near future.
This ongoing liquidation by major market makers has contributed to Ethereum’s price decline from $3,000 to below $2,200 over the past two weeks.
What’s Next: These developments will be a focal point at Benzinga’s Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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