Heres Who Caused Enormous Spike in Ethereum Selling Pressure This Past Weekend
Ethereums plunge below $1,200 is result of selling pressure coming from one fund Ethereums reversal from the local resistance level was not something that most of the market anticipated in the weekend trading session on the cryptocurrency market. However, on-chain data clearly shows why the second biggest cryptocurrency broke down in such an unexpected manner. According to Nansens data, the Jump Crypto fund deposited more than 2,850 ETH into various centralized exchanges and liquidated almost all of it over the last 24 hours, causing a sharp dip in price. Jump deposited 2,850+ $ ETH ($3.5m worth) into various CEX just over the last 24h, and then the sharp dip in price. They dumping? — Rock ???? (@DataaRocks) Nobyembre 28, 2022 Previously, various on-chain sleuths speculated over the connections of Jump Crypto to fallen FTX exchanges and the amount of funds held by the investor on the crypto trading platform. Considering the illiquid state of the market and Jump‘s potential issues with credibility, a significant loss caused by the implosion of the exchange would have been the final blow to the exchange’s ability to cover existing liabilities to creditors. Who is constantly attacking ETH? Since the beginning of November, Ethereum has had to withstand massive selling pressure coming from