is this the start of price plunge or a new bottom

Jump Trading Unstakes 11,500 ETH Worth $29 Million Amid Market Drop.Firm Redeems 16,210 wstETH for 19,049 stETH, Shifting to More Liquid Assets.

Ethereum Price Holds Steady at $2,480 Despite Large-Scale Sales by Market Makers.

Ethereum (ETH) price might face another decline following reports that Jump Trading, the crypto division of a Chicago-based trading firm, has unstaked 11,500 ETH, worth $29 million. These funds have been moved to a known wallet, possibly indicating upcoming deposits to centralized exchanges.

Jump Trading successfully unstaked 11.5K $ETH ($29M) from Lido Finance and continued to redeem 16,210 $WSTETH into 19,049 $STETH in the past hour.

Note that the 11,500 $ETH has been transferred to the wallet "0xf58" which they often use to deposit $ETH to CEX.

Jump Trading Unstake $29 Mln in ETH According to Spot On Chain, Jump Trading has successfully unstaked 11,500 ETH, valued at $29 million, from Lido Finance reflecting a notable shift in their investment strategy.

In addition to this, the firm has redeemed 16,210 wstETH for 19,049 stETH in the last few hours, indicating a move towards more liquid assets. Meanwhile, the 11,500 ETH has been sent to the wallet address “0xf58,” which is commonly used by Jump Trading for ETH deposits into centralized exchanges.

Jump Trading deposited $231M worth of $ETH to CEXs in the past 10 days!

Since Jul 25, Jump Trading has:

• redeemed 83,091 $wstETH ($341M) into 97,600 $stETH

• unstaked 86,059 $stETH ($274M) from Lido Finance

• then deposited a net amount of 72,213 $ETH ($231M) to various

Despite this substantial unstaking, Jump Trading still holds significant amounts of cryptocurrency. They currently have 21,394 wstETH, worth $63.6 million, and 16,292 ETH, valued at $41.3 million. Additionally, they have 19,049 stETH in the process of being unstaked from Lido.

Jump Trading Frequent Selling

Meanwhile, this isn’t the first time Jump Trading has been involved in a sale recently. Recently, on August 5, the firm conducted several transactions, including redeeming and unstaking significant amounts of Wrapped Staked Ethereum (WSTETH) and Staked Ethereum (STETH) via platforms like Lido Finance.

Jump Trading moved another net amount of 17,576 $ETH ($46.78M) to CEX in the past 24 hours!

This solely came from their existing $ETH holding.Their remaining 37.6K $wstETH ($101M) and 11.5K $STETH ($26.3M) still remain in their wallet and under the unstaking process

However, these actions resulted in a net deposit of 72,213 ETH, valued at approximately $231 million, into major centralized exchanges such as Binance and Coinbase.

Ethereum’s Price Recovery

Additionally, it’s worth noting that Jump Trading is not alone in its aggressive selling. Five major market makers have collectively sold 130,000 Ether, worth over $290 million, during this market correction.

Ethereum’s price might be approaching a bottom as Jump Trading sold its Ether reserves. Despite recent selling pressure, Ethereum is trading in green with its price hovering at $2480, with a market cap of $298 billion.

Today’s crypto market Is down with the total marketcap falling 4.61% to $2.19T in the last 24 hours. Major performing altcoins were also impacted by the overall bearish environment.

In the chaos, the overall market sentiment remains bullish and indicates that here are our Top 5 Altcoins picks for this month, CFX, SOL, FLOW, STRK, AXS.

Conflux (CFX)

CFX in July had impressive growth, the asset surged from its 52-week low of $0.1118 and invalidated the bearish trend around. But Opened in August 2024 in parallel to the Bitcoin price. Today is down 6% and 22.7% down in the last 7 days. AuNotably, Conflux has its Hard fork coming on the 6th of August that will improve the network function of Proof of Stake (PoS) lock/unlock/retire periods.In the CFX/USDT chart, we can see the price trading near crucial support of $0.140, with the overall market scene it may correct slightly more. The RSI at 36 shows the price moving in an oversold direction, which will trigger a buying opportunity with the Hard Fork event overhead.

Solana(SOL)

The institution’s favorite Solana(SOL) performance in July where it moved from the low of $130 to $194 followed by facing rejection to fall under the $160 support level today. Solana in July also flipped BNB in market cap and outperformed Litecoin, XRP, and Chainlink.SOL is trading at $150.7 at the time of writing with continued bearish pressure.SOL/USDT Chart shows the pricer moving in a Bullish Flag pattern and a breakout anytime is expected. The RSI is below the threshold of 30 showing the asset is oversold and MACD has neutralized as the histogram is recovering. If SOL fails to hold above $150 it will have to face retest at $145 and $135. If Validated, SOL is gathering the potential to hit $200 again.