In the past 24 hours alone, FTX has been buzzing with activity, with a total transfer of 1.1 million $SOL, equivalent to $42.35 million, and 7,183 $ETH, valued at $12.9 million, to be sold.
As of November 3, SBF’s firm has been in motion, transferring a staggering $221.7 million in crypto assets, a sign of its robust presence in the digital currency market. In a recent analysis, it was revealed that eight FTX/Alameda addresses have been actively selling assets, and they currently hold a substantial sum of approximately $619 million in crypto assets. These assets include 49,745 $ETH, worth $89 million, 69.7 million $FTT, totaling $85.6 million, 25 million $WLD, valued at $43.5 million, and more.
Additionally, the exchange has its roots extended into the Solana blockchain, where three FTX addresses currently hold a jaw-dropping $1.67 billion in crypto assets. Among these holdings are 9.76 billion $SRM, 9.76 billion $MAPS, and other significant assets such as $BTC, $SOL, $OXY, and $ETH.
Crypto Momentum: FTX and Alameda Research Moves
FTX and Alameda Research addresses have also been on the move, with an additional $46 million worth of crypto assets being transferred to prominent exchanges like Kraken, Binance, and Coinbase. These transfers began on October 26 and have continued to gather momentum. Notable movements include 500,000 $SOL, 14 million $MATIC, and 2,784 $ETH tokens.
What stands out in this crypto saga is the sheer magnitude of assets held by the exchange, particularly in the Solana blockchain. This massive presence not only signifies FTX’s dominance but also raises the question of how these assets will impact the market when they are eventually sold.
The FTX estate’s intention to divest its crypto holdings has not gone unnoticed. The court has established measures to mitigate potential market disruptions, which is crucial considering the substantial value these assets represent. With the cryptocurrency market constantly evolving, FTX’s moves and the impact they have on the market will be closely watched by investors, regulators, and enthusiasts alike. Only time will tell how this evolving crypto narrative unfolds.