In the dynamic world of cryptocurrency exchanges, contrasting movements have attracted the attention of the crypto community. FTX exchange, which is struggling with bankruptcy, continues its strategy of repaying creditors by transferring a significant amount of altcoins to various platforms. Simultaneously, institutional whales, key players in the emerging cryptocurrency market, unexpectedly signaled a selling frenzy by depositing tens of millions of dollars worth of Ethereum (ETH) into exchanges.
FTX sells ETH and MATIC
Facing significant debt to its creditors, FTX recently conducted another round of altcoin transfers to cryptocurrency exchanges. As reported by on-chain analytics platform Lookonchain, the exchange sent 8 million Polygon (MATIC) worth $5.95 million and 1,592 Ethereum (ETH) worth 3.22 million heiks to Coinbase and OKX on November 28. The move is part of FTX’s phased redemption strategy, which has already transferred 42 assets worth a total of approximately $500 million to exchanges.
Institutional whales, the pioneers of the latest bullish wave in the cryptocurrency market, have surprisingly shifted gears and started transferring significant amounts of Ethereum (ETH) to exchanges. These unexpected sales are led by market maker Cumlerland and crypto asset platform Amber Group. While Cumlerland sent 9,000 ETH worth $18.16 million to Coinbase and Gemini, Amber Group’s transfer of 10,000 ETH worth $20.18 million to Binance was interpreted as pre-sale preparations.
We noticed that #Cumberland deposited 9,000 $ETH($18.16M) into #Coinbase and #Gemini in the past 5 hours.https://t.co/ll57RHO7aa
And Amber also deposited 10,000 $ETH($20.18M) to #Binance 4 hours ago.https://t.co/dKogoYxu1C pic.twitter.com/ORZJbXo1BG
— Lookonchain (@lookonchain) November 27, 2023
MEME and GRT transactions attracted attention
In other news, on November 28, Scopescan monitoring revealed a significant move as GSR deposited 10.8 million GRT (Graph Tokens) to Binance, amounting to $1.6 million. This transaction, which took place just a few hours ago, adds a layer of intrigue to the evolving narrative of cryptocurrency movements. Meanwhile, in the past half hour, a certain whale has stirred up the crypto world. According to on-chain analyst Ember, this mysterious whale transferred 42,732,448 MEME tokens, equivalent to $1.17 million, to four addresses. The interesting part? The entire amount was directed to Binance via a single deposit address. Such maneuvers often raise questions within the community as observers try to decipher the intentions behind these unusual transactions.
Cryptocurrency community on alert
While corporate whales navigate the market with strategic moves and FTX continues its redemption journey. Meanwhile, the cryptocurrency community remains alert for new developments. The volatile nature of the crypto world ensures that every move, whether made by struggling exchanges or influential institutional players, has a ripple effect that reverberates throughout the market.
