The recent downturn in the cryptocurrency market has been connected to significant selling activity by Jump Trading. These findings were reported by QCP Group, an influential digital asset trading group based in Singapore.

In the 24 hours preceding 11:20 am UTC, the value of Ether (ETH) experienced a significant decline, plummeting by over 21% to $2,252 after trading at $2,433.

This substantial drop in value has garnered attention within the cryptocurrency community and financial markets as a whole.

The price of Ether is currently facing significant resistance at the $2,200 mark. If it falls below this level, it may lead to increased panic selling among cryptocurrency investors, resulting in further downward price movement.

Despite the introduction of the first Ether exchange-traded funds (ETFs) in the United States, available for trading as of July 23, there has been a notable decrease in Ether value.

Over the past week, Jump Crypto, the cryptocurrency arm of Jump Trading, has moved a substantial amount of digital assets, totaling hundreds of millions of dollars, to various cryptocurrency exchanges.

This strategic move is in preparation for a significant upcoming sale.

Since July 24, Jump Trading has offloaded an impressive $377 million worth of Wrapped Lido Staked ETH (wstETH), capitalizing on the declining price of Ether.

Jump Trading is currently the subject of an investigation by the US Commodities and Futures Trading Commission (CFTC). Following this development, Kanav Kariya, who served as the firm’s president, stepped down from his position on June 24th.