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Jump Trading Sells More Ethereum - ETH Price Drops 3.5% in One Day

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Jump Trading, a leading algorithmic trading platform and market maker, has resumed its Ethereum (ETH) sales, offloading over 17,000 ETH valued at more than $46.44 million on Wednesday. According to a post by blockchain analytics firm Lookonchain, Jump Trading withdrew the assets from the liquid staking protocol Lido and sold them in increments of 2,000 ETH. Jump Trading Starts Selling ETH According to Lookonchain, Jump Trading still holds 21,394 Wrapped Staked ETH (wstETH) valued at approximately $68.58 million, indicating the possibility of further ETH sales shortly. The movements of Jump Trading's assets have raised concerns among market participants about a potential market downturn. The crypto trading platform has been on a selling spree of ETH since July, with a brief pause in early August before resuming sales yesterday. On August 5, Lookonchain reported that Jump Trading was selling 120,695 wstETH worth $481 million and had sold 83,000 wstETH valued at $377 million since Jul...