Ethereum (ETH) Price Today Down

Bittime - The price of Ethereum (ETH) today experienced a significant decline, triggered by a big action from Jump Crypto, the crypto trading arm of Jump Trading. Based on blockchain data from Arkham, wallets marked as belonging to Jump have moved millions of cryptocurrencies to hot wallets on various crypto exchanges such as Binance, Coinbase, OKEx, Bybit, and Gate.io since last Sunday.

Drastic Drop in ETH Price

In the last 24 hours, the price of ETH saw a sharp decline of 20%, trading at a low of $2,300. On-chain data analyst, “@EmberCN,” noted that Jump had redeemed $410 million in wrapped stETH (wstETH) and sent it to exchanges. This activity sparked speculation among market players that Jump's action could explain the ongoing decline in ETH prices following the launch of spot exchange-traded funds (ETFs) for ether in the US.

Adam Cochran, partner at Cinneamhain Ventures, stated via his X account, "Jump liquidated their crypto book in a thin market on a Sunday summer afternoon, perfectly illustrating why their crypto operations are such a mess."

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Industry Reactions to Jump Steps

Although Jump's move has raised concerns, some industry observers such as Ethereum commentator Anthony Sassano, argue that Jump's exit from the crypto industry may be one of the most positive things to happen. "They have been parasites on crypto for years and the industry would be much better off without them," said Sassano.

CFTC Research and the Future of Jump Crypto

The US Commodity Futures Trading Commission (CFTC) is reportedly investigating Jump's trading and investment activities in the crypto space. Jump's former president, Kanav Kariya, announced his resignation from the company shortly after reports of the CFTC investigation emerged. Jump is also said to be an “unknown trading company” that intervened and supported the stablecoin TerraUSD (UST) when it lost its peg against the US dollar in May 2021.

While the blockchain activity suggests that Jump is officially out of the crypto market maker business, it remains unclear whether the company still intends to build infrastructure in this space. Last month, Jump's new Solana validator client, Firedancer, built the first block accepted on the testnet.

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Conclusion

Jump Crypto's action of transferring their crypto assets to exchanges has had a major impact on the price of Ethereum, causing concern and speculation in the market. However, some observers see this step as a positive opportunity for the crypto industry to move forward without the negative influence of large players who are considered detrimental. With the investigation conducted by the CFTC and the latest developments of the Firedancer project, Jump Crypto's future in the industry remains a question mark.

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Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.