Jump Trading sells another $29M Ether with $63M left to go — Is the bottom near?

The Ether bottom could be in, as market makers like Jump Trading are running out of ETH to sell.

Jump Trading — the market maker who contributed to the recent market correction — is still selling Ether, but the market may be approaching a bottom.

Jump Trading sold another 11,501 Ether (ETH) worth over $29 million and redeemed another $48 million worth of Ether in preparation for selling.

However, the selling pressure from the market maker is coming to an end, as Jump Trading only has another 21,394 Wrapped Lido Staked ETH (wstETH) worth $63 million, according to an Aug. 7 post by Lookonchain.

“Jump Trading started selling ETH again!”

Investors often follow the selling patterns of whales or large crypto-holding entities to gauge potential incoming selling pressure that could significantly impact a cryptocurrency’s price.

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Did market makers like Jump Trading crash Ether’s price below $2,200?

The current crypto market crash, which tanked Ether to a five-month low, is being directly linked to aggressive selling by Jump Trading, according to QCP Group, one of Singapore’s first digital asset trading groups.

QCO Group wrote in an Aug. 5 report:

“The immediate trigger in crypto seems to have been aggressive ETH selling from Jump Trading and Paradigm VC. The move was probably exacerbated by market makers scrambling to cut short gamma as front-end ETH volumes spiked more than 30% to 120%!”

Jump Trading sold over 83,000 worth of wstETH between July 24 and Aug. 5, according to Lookonchain. The market began crashing on July 24.

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Is the ETH bottom in?

The Ether price bottom may be near, considering that Jump Trading is running out of Ether to sell.

However, Jump Trading was not the only market maker that aggressively sold into this correction.

Five of the top market makers have sold a total of 130,000 Ether, worth over $290 million, while Ether’s price crashed from $3,000 to below $2,200.

The market makers include Wintermute, which sold over 47,000 ETH, followed by Jump Trading, with over 36,000 ETH and Flow Traders, with 3,620 ETH, in third place.

As for Ether, the token is still down over 23% on the weekly chart, but it was able to stage a relief rally, rising 3.29% on the daily chart, to trade at $2,533, as of 10:28 am UTC, Aug. 7.

Moreover, the demand from the US spot Ether exchange-traded funds (ETFs) may soon overpower the sellers, according to Michaël van de Poppe, the founder of MN Capital, who wrote in an Aug. 7 X post:

“The $ETH supply was created in 2024: $160 million. The net inflow in $ETH ETF in the past 2 days: $150 million. The demand is exceeding the supply.”

Ethereum is “super undervalued” and ready for a “big run” with sustained ETF inflows, added the founder.