FTX and Alameda Research transfer $13.6 million to Binance and Coinbase, raising concerns of a potential selloff after FTX’s bankruptcy.
Key Takeaways
- Bankrupt FTX and Alameda Research move $13.6 million to Binance and Coinbase.
- Coinbase receives a larger share of the transferred assets.
- FTX estate has now deposited a total of 26 tokens to exchanges, valued at approximately $83.6 million.
- Some assets involved in the transfer have managed to regain momentum, with Solana leading the way.
FTX Sustains Exchange Deposits
In a recent development that has sparked concerns about a possible selloff, wallets associated with bankrupt cryptocurrency exchange FTX and Alameda Research transferred a substantial sum of $13.6 million to major crypto exchanges Binance and Coinbase.
FTX Transfers $13.6m to #Binance and #Coinbase in Possible Selloff Move. #FTX #cryptonews #cryptocurrencynews https://t.co/mn9InjoJqi
— TheCryptoBasic (@thecryptobasic) November 1, 2023
The transfer, closely monitored by crypto analytics platform SpotonChain, occurred over a span of 10 hours. Coinbase received the lion’s share of the assets, indicating a significant movement of funds.
The most recent batch of transfers saw FTX move $8.12 million to Coinbase, including three different altcoins:
- 46.5 million The Graph (GRT) valued at $4.85 million.
- 972,073 Render (RNDR) worth $2.3 million.
- 708.1 Maker (MKR) with a value of $967,000.
Asset Reaction to FTX Transfers
In the initial batch of transfers, six tokens totaling $5.49 million were sent to the exchanges. These included AAVE, MyNeighborAlice (ALICE), Axie Infinity (AXS), Coin98 (C98), DYDX, and 0x Protocol (ZRX). The top three transfers in this batch comprised 1.14 million DYDX ($2.46 million), 192,888 AXS ($1.05 million), and 5,858 AAVE ($522,000).
This move by the FTX estate brings the total value of tokens deposited on exchanges to approximately $83.6 million, as reported by SpotonChain.
Following FTX’s insolvency and approval to liquidate $3.4 billion worth of assets in September, including Solana, Bitcoin, and XRP, this transfer could be part of their ongoing efforts to free up funds from their substantial altcoin holdings.
It’s worth noting that not all of the transferred assets are intended for immediate selloff, as the firm staked some altcoins, such as Ethereum, Polygon, and Solana, last month.
Overall
The crypto community is closely watching FTX’s asset movements as they navigate their bankruptcy proceedings. The fact that some assets involved in the transfer, like Solana, have managed to regain momentum is intriguing. It suggests that despite the challenges faced by FTX, there may still be underlying value in certain cryptocurrencies. Solana’s impressive performance, in particular, has drawn optimistic price predictions, with some experts forecasting a substantial increase in its value by 2030.
