CryptoMediaClub
Monday, July 7, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Jump Trading Moves Large Amounts of USDC, Expected to Cash out $440M

06.08.2024
A A
0
125
VIEWS
ShareShare

Jump Trading is making significant crypto transactions involving large amounts of USDC stablecoin and is expected to cash out $440 million, notes onchain sleuth Lookonchain.

The firm withdrew approximately $606 million in USDC from Binance. Following the withdrawal from Binance, Jump Trading deposited $440 million in USDC into Coinbase.

Sharing a post on social media platform X (formerly Twitter) Lookchain went on to add the deposit to Coinbase is expected to be cashed out, although the reasons behind this strategy remain speculative.

Jump Trading cashed out 440 million USD?

Since Jump Trading started selling $ETH on July 24, they withdrew 606M $USDC from #Binance and deposited 440M $USDC to #Coinbase.

The $USDC deposited into #Coinbase is likely to be exchanged for USD at 1:1.https://t.co/ZL6Tew6VrQ pic.twitter.com/X9rDIAhneE

— Lookonchain (@lookonchain) August 6, 2024

The shift from Binance to Coinbase could be driven by a desire to mitigate regulatory risks or take advantage of more favourable trading conditions and liquidity options available on Coinbase.

USDC is a stablecoin, designed to maintain a 1:1 value with the U.S. dollar.

Jump Dumps ETH, Triggers Sell-Off

On Monday, the crypto market experienced a massive drawdown. Jump Crypto, the crypto firm of Jump Trading liquidated huge amounts of Ethereum to centralized exchanges (CEXs) such as Binance, OKX, Bybit, Coinbase, and Gateio, as the crypto market saw a sell-off.

Data from Spot On Chain, a blockchain analytics platform, highlights Jump Crypto moved 17,576 ETH, valued at approximately $46.78 million, to various CEXs.

QCP Group, a Singaporean digital asset trading firm, directly linked the crash to aggressive selling by Jump Trading. The sell-off has sent shockwaves through the crypto ecosystem, causing major digital assets like Bitcoin and Ethereum to suffer double-digit losses.

On Tuesday, the crypto market rebounded modestly, Bitcoin rose 3%, trading at about $55,609 as of 4:30 UTC, but is down 17% over the past week. Similarly, Ether gained 3%, reaching $2,494, though it has fallen 25% in the last week.

The post Jump Trading Moves Large Amounts of USDC, Expected to Cash out $440M appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

UK’s Smarter Web Company Acquires $24M Worth of Bitcoin, Holdings Reach 1,000 BTC
All news

UK’s Smarter Web Company Acquires $24M Worth of Bitcoin, Holdings Reach 1,000 BTC

07.07.2025
0

The Smarter Web Company, a London-listed technology firm, has announced the acquisition of an additional 226.42 Bitcoin for approximately £17.87...

Read moreDetails
US Secret Service Builds $400M Crypto War Chest From Seized Scams Over 10 Years

US Secret Service Builds $400M Crypto War Chest From Seized Scams Over 10 Years

07.07.2025
[LIVE] Crypto News Today: Latest Updates for July 7, 2025 – “Fiat Is Hopeless”: Elon Musk Says ‘America Party’ Will Embrace Bitcoin

[LIVE] Crypto News Today: Latest Updates for July 7, 2025 – “Fiat Is Hopeless”: Elon Musk Says ‘America Party’ Will Embrace Bitcoin

07.07.2025
Russian Ministry Starts Compiling National Registry of Crypto Mining Rigs

Russian Ministry Starts Compiling National Registry of Crypto Mining Rigs

07.07.2025
Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH

Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH

07.07.2025
Load More
Next Post
Evan Weiss, COO at Alluvial, on Liquid Staking, the ETH ETF, and the Future of DeFi and Staking | Ep. 357

Evan Weiss, COO at Alluvial, on Liquid Staking, the ETH ETF, and the Future of DeFi and Staking | Ep. 357

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

FTX Receives Court Approval to Liquidate its Crypto Holdings

2 years ago
Franklin Templeton Registers Solana Belief in Delaware, Eyes Spot ETF

Franklin Templeton Registers Solana Belief in Delaware, Eyes Spot ETF

5 months ago
Why is Bitcoin price up today?

Why is Bitcoin price up today?

2 years ago
MetaMask third-party provider was hacked, exposing email addresses

MetaMask third-party provider was hacked, exposing email addresses

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Russian Ministry Starts Compiling National Registry of Crypto Mining Rigs

Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH

Drake Compares Love Life to Bitcoin Price Swings in New Lyrics

Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

Trending

UK’s Smarter Web Company Acquires $24M Worth of Bitcoin, Holdings Reach 1,000 BTC
All news

UK’s Smarter Web Company Acquires $24M Worth of Bitcoin, Holdings Reach 1,000 BTC

07.07.2025
0

The Smarter Web Company, a London-listed technology firm, has announced the acquisition of an additional 226.42 Bitcoin...

US Secret Service Builds $400M Crypto War Chest From Seized Scams Over 10 Years

US Secret Service Builds $400M Crypto War Chest From Seized Scams Over 10 Years

07.07.2025
[LIVE] Crypto News Today: Latest Updates for July 7, 2025 – “Fiat Is Hopeless”: Elon Musk Says ‘America Party’ Will Embrace Bitcoin

[LIVE] Crypto News Today: Latest Updates for July 7, 2025 – “Fiat Is Hopeless”: Elon Musk Says ‘America Party’ Will Embrace Bitcoin

07.07.2025
Russian Ministry Starts Compiling National Registry of Crypto Mining Rigs

Russian Ministry Starts Compiling National Registry of Crypto Mining Rigs

07.07.2025
Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH

Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH

07.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz