The crypto landscape shook as FTX and Alameda, facing financial distress, offloaded a staggering $24.57 million in Ethereum on Coinbase. This substantial sell-off of ETH has coincided with downward spirals in its price, triggering speculations of possible market manipulation or undisclosed motives behind the move.
The abrupt sale has left investors questioning the true intentions behind FTX and Alameda’s actions. Was it an act of desperation to salvage their financial positions, or a calculated maneuver with ulterior motives?
Spot On Chain, a trusted blockchain monitoring platform, unearthed a series of transactions involving FTX and Alameda Research, particularly concerning Ethereum. Over a mere 15-day span, the two entities transferred a hefty sum of 6,500 ETH to Coinbase, valued at approximately $24.57 million. Interestingly, these transactions occurred amidst fluctuations in Ethereum’s market value, with its price hovering around $3,780 per coin during the 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
It’s worth noting that during five of these seven transactions, Ethereum witnessed significant price drops, losing about 7,9% in the past 7 days, according to CoinGecko data. Despite the attention drawn to these transactions, neither FTX nor Alameda Research have issued any public statements addressing the matter or the resulting speculation.
In addition to Ethereum, FTX and Alameda Research also moved substantial amounts of various other cryptocurrencies during this period, totaling $6.26 million in value. These assets include ALI, GAL, TONCOIN, WAVES, OHM, HGET, TLM, and MTA, among others.
While the motives behind these transactions remain murky, the timing of the sell-off has fueled further speculation within the cryptocurrency community. Some analysts interpret these actions as potential signs of market manipulation or strategic maneuvering by the involved parties. However, others urge caution, emphasizing the complexities inherent in cryptocurrency markets and the need for thorough analysis before drawing conclusions.
