FTX and Alameda Sell $24 Million Worth of Ethereum on Coinbase, Causing Investor Concerns

Major cryptocurrency exchanges FTX and Alameda have caused a stir in the crypto world by selling off $24.57 million worth of Ethereum on Coinbase. This move has coincided with price drops, leading to speculation about market manipulation or hidden motives.

Spotonchain, a reliable blockchain tracker, has uncovered a series of transactions involving FTX and Alameda Research, specifically focusing on Ethereum. In the past 15 days, these exchanges have deposited 6,500 ETH ($24.57M) into Coinbase at an average price of $3,780 per coin. Interestingly, the market experienced significant dips following five out of seven transactions.

FTX and Alameda Research have also moved substantial amounts of other cryptocurrencies during this period, totaling $6.26 million. The assets transferred include ALI, GAL, TONCOIN, WAVES, OHM, HGET, TLM, and MTA.

The timing of these transactions has added to the intrigue surrounding this situation. While the reasons behind these movements remain unclear, the correlation between the Ethereum sales and subsequent price downturns has led to speculation within the cryptocurrency community.

Some observers suggest that these transactions indicate market manipulation or strategic positioning by FTX and Alameda. However, others caution against jumping to conclusions, highlighting the complexities of cryptocurrency markets.