Jump Trading Unstakes $127 Million in Ethereum (ETH)
CryptoNewsTerminal Staff04 Aug, 2024
Jump Trading Unstakes $127 Million in Ethereum (ETH)
Jump Trading, a leading crypto market maker and trading firm, has initiated the unstaking of a substantial amount of Ethereum (ETH) from the Lido liquid staking platform. According to data from on-chain provider SpotOnChain, Jump Trading has moved 17,576 ETH (approximately $46.78 million) to a centralized exchange (CEX) in the past 24 hours. This transfer suggests that the firm is in the process of unwinding its staked ETH positions on Lido. In addition to the ETH it transferred to the CEX, Jump Trading still holds 37,600 wstETH (wrapped staked ETH) worth approximately $101 million and 11,500 stETH (staked ETH) valued at around $26.3 million on the Lido platform. This indicates that the firm is currently engaged in a broader unstaking process. The reasons behind Jump Trading's decision to unstake its ETH are not entirely clear. However, it is worth noting that ETH has been experiencing a significant upward trend in recent weeks, rising from around $1,200 in mid-December 2022 to over $1,700 at the time of writing. This price appreciation may have prompted Jump Trading to take profits on its staked ETH positions.
