FTX and Alameda secretly sold $24.57 million in ETH after the Ethereum price fell.

Wallets linked to bankrupt cryptocurrency exchanges FTX and Alameda dumped $24.57 million worth of Ethereum (ETH) on Coinbase. Some observers suggest that this move could be a form of market manipulation or strategic positioning by these companies.

Ethereum is currently trading at $3,718, down 4.2% over the past 24 hours, and trading volume has also surged significantly, reaching $36 billion.

$24 million ETH deposited at Coinbase

In a recent Twitter post, well-known blockchain tracking platform Spotonchain highlighted a series of transactions involving FTX and Alameda Research, particularly those involving Ethereum.

Over the past 15 days, these companies have deposited a total of 6,500 ETH (equivalent to approximately $24.57 million) to Coinbase. Interestingly, these deposits occurred at an average Ethereum price of around $3,780 per coin.

In particular, the Ethereum market price showed a significant decline during 5 out of 7 transactions. At this time, neither FTX nor Alameda Research has publicly commented on this transaction or the speculation surrounding it.

Transfer other assets as well

In addition to Ethereum, FTX, and Alameda Research, significant amounts of other cryptocurrencies were moved during this period. A total of $6.26 million worth of various assets were transferred, including ALI, GAL, TONCOIN, WAVES, OHM, HGET, TLM, and MTA.

The reason for this move is unclear, but the timing of these transactions adds another layer of intrigue to the situation.

Community reaction!!!

FTX and Alameda Research’s correlation between Ethereum movements and subsequent price declines has sparked speculation within the cryptocurrency community.

Some observers suggest that these transactions may represent market manipulation or strategic positioning by these companies. However, others urge caution, highlighting various aspects of the cryptocurrency market.