Crypto Market Makers Move Over 130,000 ETH to Exchanges, Triggering Price Dip
CryptoNewsTerminal Staff05 Aug, 2024
Crypto Market Makers Move Over 130,000 ETH to Exchanges, Triggering Price Dip
Blockchain analytics firm 0xScope has revealed that the top five crypto market makers have deposited more than 130,000 ETH into centralized exchanges (CEXs) since August 3. This significant movement of ETH coincided with a sharp decline in the price of ETH, which fell from $3,000 to $2,100 during the same period. Jump Trading, a prominent market maker, initiated the ETH sell-off last weekend, despite low liquidity. According to 0xScope's analysis, the major market makers' CEX deposit status included: Wintermute: 47,088 ETH directly deposited Jump Trading: 36,361.51 ETH directly deposited Flow Traders: 3,620 ETH directly deposited GSR Market: 292.1 ETH directly deposited * Amber Group: 26.47 ETH directly deposited Earlier, Singapore-based crypto exchange QCP Capital attributed the ETH price plunge to aggressive selling by Jump Trading and Paradigm, a crypto venture capital firm. These entities' actions have raised concerns about potential market manipulation and the impact of large market participants on the stability of the crypto market. ```
