Jump Trading may be selling ETH: they are currently redeeming a wstETH worth $410 million (120,000) in batches into ETH and then transferring it to exchanges such as Binance/OKX.

So far, they have unpacked 83,000 wstETH and redeemed it into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH ($191.4M) have entered the exchange.

Specific path:

1⃣wstETH is transferred from 0x48d...575 to 0x986...8c6;

2⃣0x986...8c6 unpacks and redeems wstETH into ETH and then transfers it to 0xf58...621;

3⃣0xf58...621 transfers ETH to exchanges such as Binance/OKX.

Currently, there are 37,600 wstETH in their wstETH storage address that have not been transferred out;
11,500 stETH in the redemption ETH address are being redeemed into ETH;
20,000 ETH in the ETH transfer to the exchange address are waiting to enter the exchange in batches.