FTX and Alameda Responsible for Ethereum Price Decline, Covertly Dispose of $24.57 Million ETH

FTX and Alameda-linked wallets have caused a stir in the cryptocurrency market by dumping $24 million worth of Ethereum (ETH) onto Coinbase. This move has raised suspicions of market manipulation or strategic positioning by these entities.

According to Spotonchain, a well-known blockchain tracker platform, FTX and Alameda Research have been consistently depositing Ethereum into Coinbase over the past 15 days. In total, they have deposited 6,500 ETH, equivalent to approximately $24.57 million, at an average price of $3,780 per coin.

Interestingly, the market experienced significant dips in price following five out of the seven transactions. This has fueled speculation within the cryptocurrency community about the intentions behind these transactions.

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

The timing of these transactions has added another layer of intrigue to the situation. While the reasons behind these movements remain unclear, some observers believe it could be a form of market manipulation or a strategic move by FTX and Alameda Research. However, others caution against jumping to conclusions, highlighting the complexity of cryptocurrency markets.

As of now, neither FTX nor Alameda Research has publicly commented on these transactions or the speculation surrounding them. The cryptocurrency community continues to closely monitor the situation and debate the possible implications of these moves.