Jump Trading triggers a massive ETH sell-off, heightening bearish sentiment.
Ethereum’s price struggles, with potential for further declines.
Ethereum has been under significant bearish pressure over the past two weeks, with the cryptocurrency hitting a seven-month low of $2,111 recently. Despite a brief recovery, Ethereum’s price currently stands at $2,640, marking a 4% decline amid decreasing trading volume. The second-largest cryptocurrency continues to face intense selling pressure.
The bearish sentiment is largely driven by actions from Jump Trading, a prominent market maker and trading firm. According to blockchain analyst Lookonchain, Jump Trading moved 17,049 ETH, valued at approximately $46.44 million, in anticipation of a sell-off. This Ether was withdrawn from the liquid staking protocol Lido and subsequently transferred out for sale. The firm still holds 21,394 ETH, worth about $68.58 million, as the sell-off reportedly gains momentum.
On August 14, Jump Tr
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