Bounce Buying and selling’s ETH Transfers Spark Promote-Off Hypothesis

A latest transfer by market maker Bounce Buying and selling has fueled rumors of an ETH sell-off. On-chain evaluation platform Lookonchain reported that Bounce Buying and selling transferred 17,049 ETH, value $46.44 million, from Lido, suggesting a possible sale.

The blockchain evaluation agency famous that the switch marked a resumption of ETH promoting by the market maker, highlighting the newest switch left Bounce Buying and selling with a stability of 21,394 wstETH value $68.58 million.

Lookonchain issued the same alert on August 5, when Bounce Buying and selling bought 120,695 wstETH (value $481 million). That sell-off coincided with a crypto market crash the place ETH misplaced over 20% of its worth in a single day, dropping to $2,110 earlier than rebounding.

Whereas Lookonchain’s knowledge raises sell-off issues, studies from Arkham Intelligence paint a unique image. Arkham’s knowledge exhibits Bounce Buying and selling depositing funds to numerous exchanges, together with Binance,…

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