In a thrilling turn of events witnessed within the cryptocurrency realm recently, bankrupt exchanges FTX and Alameda linked wallets appear to have been noted making colossal Ethereum (ETH) transfers to Coinbase, a prominent CEX, right before prices slumped in the past 15 days. These dumps to Coinbase birthed a massive torrent of speculative buzz among crypto market traders and investors globally, as ETH price recently topped the $3,500 mark.
However, aligning with the enormous crypto market selloff witnessed today, ETH traded in the red, per Coinmarketcap’s data. Simultaneously, with the abovementioned ETH dumps’ surfacing today, speculations over FTX and Alameda’s repayment of creditors hover over the crypto horizon.
FTX & Alameda’s ETH Dumps: A Deeper Dive
According to the insights unveiled by the blockchain tracker Spotonchain, FTX and Alameda frequently moved out ETH quite a few times right before prices slumped, as mentioned above. Over the past fifteen days, the two entities offloaded 6,500 ETH, worth $24.57 million, to Coinbase at $3,780, through a series of seven transactions.
Amid these seven transfers, ETH dipped subsequent to five of the dumps, stirring a whirlpool of speculations. As dumps to CEXs offer supply gains, usual market sentiments align with ETH’s dip witnessed after FTX and Alameda’s transfers.
#FTX and #Alameda wallets appear to frequently move out $ETH ahead of a dump!
In the past 15 days, FTX and Alameda Research have deposited 6,500 $ETH ($24.57M) to #Coinbase at ~$3,780 via 7 transactions.
And the market dipped following 5 out of 7 transactions (pic 👇)!… pic.twitter.com/STOtHBDChE
— Spot On Chain (@spotonchain) March 15, 2024
Meanwhile, in addition to the ETH transfers mentioned above, the bankrupt exchanges moved several other assets worth $6.26 million. These assets encompassed ALI, GAL, TONCOIN, WAVES, OHM, HGET, TLM, and MTA, while the CEXs they were moved to included Wintermute, Binance, Gate.io, FalconX, and Coinbase.
This move by the bankrupt exchanges sparked immense curiosity among its creditors, who remain poised to receive funds from FTX and Alameda following its epic fall in 2022. Meanwhile, inferences orbiting these dumps’ potential impact on pulling ETH prices down further prevail.
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Ethereum Price Slips
As of writing, Ethereum’s price noted a drop of 7.74% over the past 24 hours and is currently trading at $3,671. With FTX and Alameda dumping ETH just prior to today’s observed crash as well, a massive tide of speculations engulfed crypto market traders and investors globally.
However, the broader crypto market remained bullish on Ethereum as the Dencun Upgrade went live at the epoch 269568 recently. An optimistic buzz orbiting a potential ETH ETF looming over the crypto horizon further aids the token’s standing in the market.
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