Jump Trading is currently selling ETH, and will soon redeem $410 million worth of wstETH in batches before transferring it to CEX

Bitget2024/08/04 02:32

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PANews reported on August 4th, according to on-chain analyst Yu Jin's monitoring, Jump Trading may be selling ETH. They are currently redeeming a batch of wstETH worth $410 million (120,000 pieces) into ETH and then transferring it to exchanges such as Binance/OKX. As of now, they have redeemed 83,000 wstETH into 97,500 ETH in the past nine days since July 25th. Among them, 66,000 ETH ($191.4M) has already entered the exchange. The specific path is:

wstETH was transferred from 0x48d...575 to 0x986...8c6;
0x986...8c6 unpacked wstETH and redeemed it into ETH before transferring it to 0xf58...621;
0xf58...621 transferred the ETH into exchanges like Binance/OKX.

Currently, there are still 37.6 thousand wstETH not transferred out from their storage address; in the redemption address for ETH there are still about11.5 thousand stETH being converted back into Ethereum; and within addresses where Ethereum is being sent to exchanges there are around twenty thousand Ethereum waiting to be moved in batches.

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