A wallet associated with the prominent trading firm Jump Trading has initiated substantial transfers of ether (ETH) as the cryptocurrency rebounds from the recent market downturn.

According to blockchain analyst Spot On Chain, the wallet unstaked 11,500 ETH, valued at $29 million, from the liquid-staking platform Lido Finance and subsequently transferred the assets to an address marked as Jump Trading 0xf58: 0xf584f8728b874a6a5c7a8d4d387c9aae9172d621.

The Chicago-based entity has a history of utilizing this address for moving coins to centralized cryptocurrency exchanges, typically indicative of intentions to sell or liquidate market holdings.

“Be aware that the 11,500 ETH has been moved to the wallet ‘0xf58,’ frequently used for depositing ETH to centralized exchanges,” Spot On Chain detailed on X. “Currently, Jump Trading retains 21,394 WSTETH ($63.6M) and 16,292 ETH ($41.3M) in various wallets, with 19,049 STETH undergoing the unstaking process from Lido.”

On Sunday, a wallet purportedly linked to Jump Trading transferred $46 million worth of ether to centralized exchanges, amplifying the sell-off driven by macroeconomic factors. Ether, which was priced at $2,900 early Sunday, plummeted to nearly $2,100 by Monday, as indicated by CoinDesk data.

“The sell-off was intensified by crypto-specific triggers, such as the unwinding of Jump Trading’s crypto portfolio following a CFTC probe, contributing to the ongoing but diminishing supply overhangs from Mt. Gox creditor repayments and GBTC & ETHE outflows. Jump Crypto’s liquidations over the past two weeks are primarily from ETH, with exchange deposits surging to levels last seen during the FTX collapse,” Coin Metrics elucidated in a Tuesday newsletter.

Since Monday, ether’s price has regained stability, rebounding to over $2,400, mirroring the recovery in market leader bitcoin and indicators of a risk-reset in traditional financial markets.