Kanav Kariya, who rose from intern to president of Jump Trading's crypto division by 25, is leaving the company. Kariya saw the company through major challenges like the $300 million Wormhole hack and the Terra/Luna collapse. Fortune recently reported that the US Commodity Futures Trading Commission is investigating Jump's crypto activities.

Jump Crypto has been actively liquidating its crypto holdings since July 25th, including hundreds of millions of dollars in stEth. This coincides with the recent launch of US-based spot ether ETFs and a broader downturn in crypto asset prices.

Bitcoin hit its lowest price since February, and the rest of the market saw greater than 20% decreases in one of the biggest selloffs since FTX. Investors are reacting to several events, including Jump Crypto liquidating hundreds of millions of dollars of assets, the increasing chances of a Kamala Harris presidency, and a sharp decline in Japan's stock market. There are also fears about an impending recession, and ETHE investors are selling their positions in the Grayscale trust.

Friday saw terrible macro signals, including the 10-year Treasury rate falling 40bps and poor equity performance, but there will likely be a rate cut in September, and it is still an election year. Jump Crypto sold hundreds of millions of ETH in a short period, contributing to the rapid price decline, and the negative ETF flows are hurting the market in the short term but necessary for new capital flows in the long term. Though a democratic election is perceived to hurt crypto, the Middle East tensions may not matter in the long term, and the Mt Gox and Genesis distributions are nearly complete.