Jump Trading sells another $29M Ether with $63M left to go

Jump Trading - the market maker responsible for the recent market correction - continues to sell Ether, but the market may be approaching a bottom.

Jump Trading sold another 11,501 Ether 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.

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.