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    HomeCrypto Gaming

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

    Crypto Gaming
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    The blockchain analysis firm noted that the transfer marked a resumption of ETH selling by the market maker, highlighting the latest transfer left Jump Trading with a balance of 21,394 wstETH worth $68.58 million. Lookonchain issued a similar alert on August 5, when Jump Trading sold 120,695 wstETH (worth $481 million). That sell-off coincided with a crypto market crash where ETH lost over 20% of its value in a single day, dropping to $2,110 before rebounding. While Lookonchain's data raises sell-off concerns, reports from Arkham Intelligence paint a different picture. Arkham's data shows Jump Trading depositing funds to various exchanges, including Binance, Gate.io, Bybit, and Coinbase. Citing Arkham Intelligence data, an X user commented that the market maker transferred the funds back to their account, followed by a respondent who accused the firm of manipulating the market and wanting to buy more ETH. The shifts in funds could also indicate preparation to provide liquidity for trading activities against the sell-off narrative propagated by Lookonchain. Despite the speculation, ETH has had profitable trading sessions, gaining about 3% during the day. The flagship altcoin has settled above the $2,600 region and traded for $2,750 as of press time, according to data from TradingView.

    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,…

    The submit Bounce Buying and selling’s ETH Transfers Spark Promote-Off Hypothesis appeared first on Coin Version.

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