Ether (ETH) recorded a slump of over 20% in the last 24 hours leaving digital assets investors in panic. Biggest cryptocurrencies like Bitcoin (BTC) and XRP dropped by 12% and 14%, respectively, over the last day depicting the broader market crash.
The biggest altcoin has seen a series of collapses in the past months, while, the recent sell-off was triggered by Jump Trading moving its staked ETH holdings to centralized exchanges and tumbling of global markets.
Jump Trading is dumping Ether
Data shared by Spot on Chain suggests that Jump Trading has moved 17,576 Ether (approx. worth $46.78 million) to exchanges in the last 24 hours. It added that these tokens came directly from their holdings.
Jump Trading has transferred around 90K Ether to centralized exchanges since July 25. It is still holding a 37.6K wrapped version of stETH staked ETH (approx. worth $101 million) and 11.5k staked ETH (approx. worth $26.3 million) and are under the unstaking process from Lido Finance.
ETH price had dropped by a massive 31% in the last 7 days adding to the decline of 39% over the past 60 days. Ether is trading at an average price of $2,322, at press time. Its 24 hour trading volume spiked by 234% to stand at $53.6 billion. As Ethereum fell to nearly $2,100, the Max Ether gas fee reached 710 gwei, with the current average at 350 gwei.
$350M of ETH longs liquidated
Data shows that around $350 million worth of positions set on ETH price action got wiped off in the last 24 hours. Almost $300 million worth of liquidated bets (85%) stand to be long positions. This suggests that traders were full of hopes with a bullish approach but sentiments took a turn around.
ETH’s total value locked (TVL) has taken a huge hit amid emerging selling pressure. DefiLlama’s data shows that Ethereum’s TVL dropped by 17.7% over the last day to stand at $43.66 billion. This has added to the decline of 27.5% recorded in the past 7 days. The fresh drop comes in as Lido’s TVL faced a 20% dump overnight to stand at $22.85 billion.
Peter Schiff in a post stated that only two days after his announced warning, Ether went down to hit $2,100 and suggested that 90% of his forecast had already come true.
Earlier, he posted that recently launched ETH linked ETFs began trading just two weeks ago and they are already down by 15%. He predicted that it won’t be long before Ether would break $2K as it is trading under $3K due to increased selling pressure in the market.
