24h flow: $150.5K net inflow onto exchanges from Jump Trading (6 transfers, all inbound). That's the entire 24h move; no other whales or market makers are moving ETH into or out of CEXes right now.

Longer view (7d): the distribution reverses sharply - $14.57M net *off* exchanges over a week. Jump and others are accumulating / self-custodying, but the last 24h is a small tactical deposit into an exchange.

Who's driving it: Jump is the only smart-money force showing up. Retail is sending micro amounts ($1-36K) inbound, neutral noise. No signals forming on the Intelligence side.

The read: A single whale's modest inflow doesn't flip the week's strong accumulation trend. This looks like a rebalance or liquidity event from Jump rather than a distribution signal. The fact that no retail or MM counterparties are visible on the other side suggests it may be a deposit for operational purposes (market-making, rehedging) rather than a conviction sell.