Jump Trading Withdraws $29 Million in ETH from Staking

Trading firm Jump Trading has successfully withdrawn 11,500 ETH, valued at approximately $29 million, from the liquid staking platform Lido Finance, according to Spot On Chain.

Jump Trading successfully unstaked 11.5K $ETH ($29M) from Lido Finance and continued to redeem 16,210 $WSTETH into 19,049 $STETH in the past hour.

Note that the 11,500 $ETH has been transferred to the wallet “0xf58” which they often use to deposit $ETH to CEX.

Currently, Jump… https://t.co/oZnrtNqr88 pic.twitter.com/EHP50yqbEA

— Spot On Chain (@spotonchain) August 7, 2024

Analysts report that the funds were transferred to a wallet frequently used by the firm for depositing Ethereum to centralized exchanges.

Jump Trading still holds 21,394 wrapped wstETH ($63.6 million) and 16,292 ETH ($41.3 million). Additionally, 19,049 stETH ($46.6 million) are in the process of being withdrawn from Lido.

In recent weeks, researchers tracked the transfer of approximately 100,000 ETH from the trading company’s wallets. On August 4, Spot On Chain recorded the dispatch of 72,213 ETH ($231 million) to various trading platforms, including Binance, OKX, Bybit, Coinbase, and Gate.io.

[Update] Jump Trading moved another net amount of 17,576 $ETH ($46.78M) to CEX in the past 24 hours!

This solely came from their existing $ETH holding.

Their remaining 37.6K $wstETH ($101M) and 11.5K $STETH ($26.3M) still remain in their wallet and under the unstaking process… https://t.co/fNn4RKejgf pic.twitter.com/Koab3o8ybV

— Spot On Chain (@spotonchain) August 5, 2024

The following day, Jump Trading addresses sent 17,576 ETH, worth approximately $46.78 million, to exchanges.

Some experts have cited the firm’s actions and those of its associated market maker, Jump Crypto, as a factor in the market correction.

Earlier, analysts at Lookonchain identified the movement of 789,533 ETH (~$2 billion) from wallets that had been inactive for about 3.3 years. These funds are linked to assets from the TokenPlus financial pyramid, seized by Chinese authorities.