Jump Crypto, a division of Jump Trading Group, has unstaked around $410 million worth of Wrapped stETH (wstETH) and sent it to major exchanges such as Binance, Coinbase, OKX, and Bybit.
The action began on July 24, a day after spot Ether exchange-traded funds (ETFs) started trading in the US.
According to Arkham data, Jump Crypto still holds nearly $97 million worth of wstETH.
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Jump Crypto has also transferred other cryptocurrencies like Tether (USDT), USD Coin (USDC), Uniswap (UNI), and Shiba Inu (SHIB) to various crypto exchanges.
There is growing speculation that Jump Crypto might sell off hundreds of millions in digital assets, a move widely criticized by the crypto community for its timing. Blockchain investigator, known as Wazz on X, said:
Jump has been moving coins relentlessly for at least 22 hours straight. That means they have got people to work shifts dumping their books on an illiquid weekend following the worst stock market day in years. This is a conscious decision to inflict the maximum amount of pain. [REDACTED]
Adam Cochran, founder of the venture capital firm Cinneamhain Ventures, also criticized the situation, saying it exemplifies the disorder within Jump Crypto's operations.
Overall, the massive transfer of funds has sparked intense speculation and criticism, with many questioning the firm's motives and the potential impact on the crypto market.
In other news, the US government has recently moved $2 billion worth of Bitcoin.
