It is claimed that the investment company Jump Trading, which has been talked about with Ethereum transfers in recent days, triggered the last big decline in Bitcoin and altcoins.
While these claims continue, a new Ethereum sale came from the giant company.
At this point, Jump Trading started selling ETH again and moved 11.5K ETH to another address that it used for central exchange transfers.
On-chain data analyst EmberCN said crypto market maker Jump Trading moved one address to another address it used to transfer the 11,500 ETH it received from Lido today to CEXs.
Stating that Jump Trading is in the process of converting 19,049 stETH in its possession into ETH, the analyst added that Jump Trading currently has 21,394 wstETH ($63.6 million) that it can convert into ETH.
“Jump Trading has started selling ETH again!
Jump Trading requested 11,501 ETH ($29.11 million) from Lido on August 4 and transferred the ETH to the address it used to distribute to CEXs.
He then applied to convert 119,049 stETH into ETH to prepare for the sale.
Jump Trading currently has 21,394 wstETH ($63.6 million) left.”
Giant Market Maker Cumberland Is Preparing to Buy the Drop!
While Jump Tradnig continues selling ETH, crypto company Cumberland deposited 95 million USDT on CEXs.
According to Lookonchain's post, crypto market maker Cumberland Coinbase deposited 95 million USDT into centralized exchanges (CEXs) such as Kraken and OKX.
The USDTs in question were received from a Tether treasury address.
Cumberland, known for depositing large amounts of USDT into exchanges in previous periods, has provided a total of $6.28 billion liquidity to the crypto market since October 20, 2023.
Institutions have begun to inject funds into the crypto market and buy the dip!#Cumberland received 95M $USDT from #TetherTreasury and deposited it to #Coinbase, #Kraken, #OKX and Forwarder today.#Cumberland has injected 6.28B $USDT into the crypto market since Oct 20, 2023.… pic.twitter.com/sGIlP6E8aV
— Lookonchain (@lookonchain) August 7, 2024
As it is known, when individual investors or companies transfer large amounts of USDT to the stock exchanges in times of decline, they use these USDTs to make new purchases. At this point, Cumberland may also have deposited USDT into the exchanges to capitalize on the recent decline and buy at lower levels.
The address marked as Cumberland in Arkham's data contains $72 million worth of Bitcoin and altcoins. Apart from BTC, Cumberland holds various altcoins such as Ethereum (ETH), USDT, PYUSD, BTRST, Optimism (OP) and Lido (LDO).
*This is not investment advice.
