the global financial market suffered a "Black Monday", and the crypto market fell to catch up with "312". The newly approved Ethereum ETF also failed to make ETH suffer less damage, but fell as low as $2,100 under the influence of the continuous sell-off of market maker Jump Crypto. Many communities and analysts see this behavior as one of the reasons for the collapse of the entire crypto market.

In fact, Jump Crypto's sell-off has been happening for a long time, and it is close to "liquidation". On-chain data shows that the cumulative value of ETH sold in the past 10 days has exceeded 300 million US dollars, and the collection of ETH includes unstaking ETH from Lido and multiple transfers from other wallets, and its marked position of stablecoins has accounted for more than 96%.

There is a lot of speculation about Jump Crypto's selling, with some suspecting that the CFTC investigation led to the liquidation, while others believe that the company converted its assets into stablecoins in response to economic risks. In view of the tradition of jump trading's high secrecy system, the author is more inclined to infer that Jump trading cut the Jump Crypto division in advance to prevent it from being involved in the $4.47 billion settlement dispute in the Terra case.