Ever since the collapse of FTX in 2022, there has been much discussion about the crypto exchange’s asset holdings. Investors tend to brace for potential price drops with each sale. This situation keeps the crypto world on alert. The latest reports indicate that the crypto exchange is making sales.
FTX Sells Ethereum and Solana
According to PeckShieldAlert’s report today on social media platform X, FTX is selling Ethereum and Solana. It is noted that the exchange’s move is to expedite the bankruptcy liquidation process. Accordingly, 50,000 SOL were transferred from an FTX-associated wallet address to another wallet. The transaction is valued at approximately 6.6 million dollars.
The transaction made by the FTX-associated wallet is not limited to this. FTX transferred about 542 ETH worth 1.36 million dollars to the crypto market maker Wintermute. In another transaction, it was stated that Alameda made an internal transfer. Accordingly, the transaction of 10,700 ETH is valued at approximately 26.7 million dollars.
What Do the Latest FTX Liquidations Mean?
It appears that the latest liquidations occurred during times when certain cryptocurrencies were on the rise. Ethereum had risen above 2,600 dollars today. On the other hand, a similar increase was observed in Solana, which surpassed BNB today, becoming the fourth largest in the crypto world.
It could be interpreted that FTX particularly wanted to benefit from these increases. This could also indicate preparations for settling debts with creditors or organizations.
FTX is not only selling its cryptocurrency holdings but also its owned entities. Most recently, FTX opted to sell a subsidiary it had acquired earlier, Digital Custody Inc (DCI), for a significantly lower price compared to the initial purchase. FTX divested this entity for only 500,000 dollars. This decision to sell is aimed at preventing further losses for the bankrupt crypto exchange and streamlining operational expenses.
Following these developments, looking at the price of Ethereum and Solana, Ethereum is trading at 2,632 dollars, while Solana is trading at 109 dollars.
