There was a sharp decline in Ethereum and altcoins, especially Bitcoin, over the weekend. ETH price has fallen to the lowest level since January.
While it is considered that the uncertainty about interest rate cuts in the US elections and the tension in the Middle East are behind this decline, it is claimed that one of the important reasons for the decline is Jump Crypto, one of the largest companies in the sector.
According to Spot on Chain's post, a wallet allegedly linked to Jump Crypto moved 17,576 ETH (worth $46.78 million) to central exchanges.
The wallet, which is said to be linked to Jump Crypto, has moved approximately 90,000 ETH to the exchanges since July 25. According to the data shared by Spot on Chain, Jump Crypto holds 37,600 wstETH and 11,500 stETH.
CEO and co-founder of decentralized platform Cake Group, Dr. Julian Hosp said in a statement: “The reason for the crazy selling wave in the cryptocurrency market appears to be Jump Trading, which received a margin call in traditional markets and needed liquidity over the weekend, or exited the cryptocurrency business for regulatory reasons (related to Terra Luna).” said .
What Other Altcoins Are at Risk of Liquidation?
While Jump Crypto dumped the ETH price by transferring large amounts of Ethereum, on-chain data platform Scopescan announced the largest crypto positions of other major crypto market makers, including Jump Crypto.
Accordingly, the largest positions of the largest crypto market maker are as follows:
“Wintermute: USDT, USDC, ETH
GSR Markets: GALA, USDT, KARRAT
Jump Crypto: USDC, USDT, ETH
Flow Traders: BTC, MKR, AAVE”
Scopescan also stated that Jump Crypto currently has 96.04% of its assets in its portfolio consisting of USDT + USDC.
*This is not investment advice.