Since the 25th of July, Jump Trading (a quantitative trading platform), has reportedly deposited significant $ETH and other related tokens to centralized exchanges. Spot On Chain, a popular on-chain analytics platform, disclosed that the company has deposited up to $231M worth of $ETH tokens to CEXs in the past ten days. The analytics provider provided the details of this event on its official social media account.
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… pic.twitter.com/1U0jSq536P— Spot On Chain (@spotonchain) August 4, 2024
Jump Trading Makes Strategic $ETH Deposits of $231M Worth to Centralized Exchanges in Ten Days
In its latest X post, Spot On Chain noted that this commenced on July 25 when Jump Trading began an array of strategic steps. They took into account the deposits of wrapped staked Ethereum (wstETH) as well as staked Ethereum (stETH). To start with, the company withdrew 83,091 wstETH with a value of up to $341M. The platform converted this amount into 97,600 stETH.
Following that, the firm moved on toward unstaking 86,059 stETH from Lido Finance. The respective figures had a value of nearly $274M. This unstaking procedure took into account converting staked assets into the $ETH token’s liquid form. After conversions, the platform deposited a cumulative amount of approximately 72,213 ETH, equaling $231M, into diverse well-known CEXs.
The Platform Still Has 21K $ETH and 37.6K wstETH in the Wallet, with 11.5K $stETH Still in the Unstaking Procedure
Gate.io, Coinbase, Bybit, OKX, and Binance stood among the exchanges that engaged in these massive deposits. The deposits denote a strategic asset allocation across diverse trading entities, potentially facilitating trading activities, liquidity, or other functional strategies. Spot On Chain added that Jump Trading currently possesses almost 21K $ETH and 37.6K wstETH in the wallet while 11.5K stETH is presently going through the unstaking procedure.
