According to Lookonchain, after Jump Trading transferred ETH to Binance yesterday, it withdrew 32.60 million USDCs from Binance. These USDCs may be deposited into Coinbase (possibly converted into US dollars).
According to on-chain analyst Ember, Jump Trading may be selling ETH: they are recently redeeming a $410 million worth of wstETH (120,000) into ETH in batches and then transferring it to exchanges such as Binance/OKX. As of now, they have redeemed 83,000 wstETH to 97,500 ETH in 9 days since 7/25. Of these, 66,000 ETH (191.40 million USD) has entered the exchange. At present, their wstETH storage address still has 37,600 wstETH not transferred out; 11,500 of the redeemed ETH address...