Jump Trading, a market maker that played a role in the recent market correction, is still selling Ether, though the market may be approaching a bottom.

Jump Trading sold another 11,501 Ether ( ETH ) 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 .

“Jump Trading started selling ETH again!”
Jump trading, Ether selling. Source: 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.

Related: Kamala Harris chooses Minnesota Gov. Walz as US presidential running mate

Did market makers like Jump Trading crash Ether's price below $2,200?

The current crypto market crash, which tanked Ether to a five-month low, is being directly linked to aggressive selling by Jump Trading , according to QCP Group, one of Singapore’s first digital asset trading groups.

QCO Group wrote in an Aug. 5 report:

“The immediate trigger in crypto seems to have been aggressive ETH selling from Jump Trading and Paradigm VC. The move was probably exacerbated by market makers scrambling to cut short gamma as front-end ETH volumes spiked more than 30% to 120%!”

Jump Trading sold over 83,000 worth of wstETH between July 24 and Aug. 5, according to Lookonchain . The market began crashing on July 24.

Ether price, Jump Trading selling patterns. Source: Lookonchain

Related: World’s largest Bitcoin miner increased BTC holdings by $124M in July

Is the ETH bottom in?

The Ether price bottom may be near, considering that Jump Trading is running out of Ether to sell.

However, Jump Trading was not the only market maker that aggressively sold into this correction.

Five of the top market makers have sold a total of 130,000 Ether, worth over $290 million, while Ether’s price crashed from $3,000 to below $2,200.

The market makers include Wintermute, which sold over 47,000 ETH, followed by Jump Trading with over 36,000 ETH, and Flow Traders, with 3,620 ETH, in third place.

As for Ether, the token is still down over 23% on the weekly chart, but it was able to stage a relief rally, rising 3.29% on the daily chart, to trade at $2,533, as of 10:28 am UTC, Aug. 7.

ETH/USD, 1-week chart. Source: Cointelegraph

Moreover, the demand from the US spot Ether exchange-traded funds (ETFs) may soon overpower the sellers, according to Michaël van de Poppe, the founder of MN Capital, who wrote in an Aug. 7 X post:

“The $ETH supply was created in 2024: $160 million. The net inflow in $ETH ETF in the past 2 days: $150 million. The demand is exceeding the supply.”

Ethereum is “super undervalued” and ready for a “big run” with sustained ETF inflows , added the founder.

Magazine: Criminal at Bitcoin 2024, BTC Strategic Reserve Bill, and more: Hodler’s Digest, July 28–Aug. 3