Crypto wallets connected to the now-defunct crypto exchange FTX and its sister company Alameda Research have recently made significant transfers of altcoins, totaling $13.1 million, to various crypto exchanges. These transactions took place overnight on November 1, as revealed by data provided by the on-chain analysis firm Spotonchain.
First Transfer to Coinbase
According to Spotonchain, an FTX wallet initially moved altcoins worth $8.12 million to the major US-based exchange Coinbase. The assets involved in this transfer included 46.5 million of The Graph’s GRT, valued at $4.85 million, 972,073 Render (RNDR) tokens worth $2.3 million, and 708.1 of Maker’s MKR tokens valued at $967,000.
Subsequent Transfer to Binance and Coinbase
Following the initial transfer, wallet addresses associated with FTX and Alameda Research initiated another transfer. This time, $5.49 million was sent to Binance and Coinbase, three hours later. The top three assets in this transaction, by value, were 1.14 million dYdX (DYDX) tokens worth $2.64 million, 192,888 Axie Infinity (AXS) tokens valued at $1.05 million, and 5,858 Aave (AAVE) tokens valued at $522,000.
According to Spotonchain’s data, a total of $78 million worth of assets have been transferred from FTX and Alameda wallets to various cryptocurrency exchanges over the past week. This news follows a report from last week stating that $19 million worth of crypto had been sent from FTX to exchanges. On-chain analytics firm Peckshield reported at the time that approximately 470,000 SOL tokens, with a value of around $15.5 million, had been moved to different wallets, some of which belonged to “CEXs like Binance.”
“The combined activity of FTX and Alameda Research wallets transferring substantial amounts of altcoins to different exchanges indicates a potential shift in investment strategies or portfolio management,” says Spotonchain CEO.
The court overseeing the FTX bankruptcy has granted permission for the estate to sell more than $3 billion worth of crypto in weekly batches, with the assistance of an investment advisor. The current weekly maximum selling cap is set at around $50 million, and it is expected to increase to $100 million in the coming weeks. Furthermore, there are plans to potentially raise the maximum cap to $200 million per week in the future.
“The decision to gradually sell off the crypto assets allows for a controlled liquidation process, ensuring maximum value is obtained for the estate,” states the investment advisor.
