Crypto Company Shook the Market by Transfering Hundreds of Millions

As asset prices in the crypto industry continue to plummet, Bitcoin has managed to fall below $60,000. Blockchain data testifies that Jump Crypto liquidated hundreds of millions of dollars in crypto assets.

Blockchain data testifies that Jump Crypto liquidated hundreds of millions of dollars in crypto assets.

Addresses flagged by Arkham Intelligence linked to Jump Crypto have received about $300 million since Aug. 3, mostly from addresses identified as exchange wallets. Conversely, about $80 million has flowed out of the trading company’s wallets during the same period, primarily to exchanges such as Coinbase, Gate.io and Binance. The movement of these funds is still ongoing.

A significant portion of the funds transferred are in Ethereum. According to X user EmberCN, Jump Crypto has acquired positions worth over $500 million in Lido’s wstETH since July 25, shortly after the spot Ethereum ETFs launched in the US. Jump Crypto currently holds about $130 million in staked ETH, while nearly $200 million worth of Ethereum has been transferred to exchanges.

Jump Crypto’s president, Kanav Kariya, quit in June after three years following information that the US Commodity Futures Trading Commission (CFTC) was investigating the company’s crypto investment activities.

The company appears to be divesting its crypto assets as prices across the industry continue to fall, with DeFi tokens particularly affected. However, Bitcoin and Ethereum remain in positive territory since the beginning of the year, with the leading cryptocurrency experiencing a rise of nearly 40%.