Jump Crypto's Onchain Moves Amid Market Volatility

In the midst of a turbulent crypto market, Jump Crypto has emerged as a key player. As of this morning, Jump Crypto had moved nearly $136 million in ETH over the past few days to exchanges like OKX, Binance, and Coinbase. During this period, ETH's price plummeted by 30%, from $3,230 to $2,250.

Despite significant outbound transfers, Jump Crypto also received $24.44 million in ETH back from exchanges during the same timeframe, resulting in net ETH outflows of $111.5 million. While notable, this figure is relatively small compared to the daily trading volumes on major exchanges.

Since July 25, Jump Crypto has ramped up its ETH transfers to exchanges, including unwrapping 120,695.4 ETH via Lido. From July 5 to today, Jump sent $449.52 million in ETH to exchanges, with only $104.6 million returning, showing net negative flows of $344.92 million. This increased activity coincides with a CFTC investigation that began on June 20.

In addition to ETH, Jump Crypto has moved other cryptocurrencies, including uniswap, BNB, shiba inu, and maker, showing slightly positive net flows for these assets. As of this morning, Jump's wallets held 4,233 ETH ($9.47 million), down significantly from the 126,960 ETH held on July 5.

At one point, USDC made up 85% of Jump Crypto’s onchain portfolio, reaching $500 million. However, recent transfers reduced this by $80 million. Despite the volatility, it appears that Jump Crypto's significant market activities have stabilized for now, and the market may follow suit.

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