Bankrupt crypto exchanges FTX and Alameda-linked wallets dumped $24.57 million worth of Ethereum (ETH) onto Coinbase. Some observers suggest this move might be a form of market manipulation or strategic positioning by these entities.
Currently, Ethereum is trading at $3,718, showing a 4.2% decrease in the last 24 hours, alongside a significant surge in trading volume, reaching $36 billion.
$24M ETH Deposits to Coinbase
In a recent tweet post, a well-known blockchain tracker platform Spotonchain has highlighted a series of transactions involving FTX and Alameda Research, specifically concerning Ethereum.
Over the past 15 days, these entities have deposited a total of 6,500 ETH (equivalent to approximately $24.57 million) into Coinbase. Interestingly, these deposits occurred at an average Ethereum price of around $3,780 per coin.
Notably, at the time of five out of the seven transactions, the Ethereum market price experienced significant dips. As of now, neither FTX nor Alameda Research has publicly commented on these transactions or the speculation surrounding them.
Transfer of Other Assets Too
In addition to Ethereum, FTX, and Alameda Research have also moved significant amounts of other cryptocurrencies during this period. A total of $6.26 million worth of various assets, including ALI, GAL, TONCOIN, WAVES, OHM, HGET, TLM, and MTA, were transferred out.
While the reasons behind these movements remain unclear, the timing of these transactions adds another layer of intrigue to the situation.
Communities Reaction!!!
The correlation between the movements of Ethereum by FTX and Alameda Research and subsequent price downturns has led to speculation within the cryptocurrency community.
Some observers suggest that these transactions may be indicative of market manipulation or strategic positioning by these entities. However, others urge caution, emphasizing the many facets of cryptocurrency markets.
