Liquidators from FTX and Alameda Research deposited 2,500 ETH into Coinbase just before the crash. In addition, other major cryptocurrency whales made similar moves. This move coincided with the recent collapse in the price of the leading altcoin. Therefore, this raised some questions in minds. FTX liquidators aim to consistently deposit significant amounts of money ahead of significant price drops.
Cryptocurrency whales dumped ETH before the crash!
cryptokoin.comAs you may have seen from , the market was suddenly flooded with blood. There are also some familiar faces behind these sharp sales. On-chain analysts reported that several institutional investors strategically sold some of their holdings during the market downturn. Four cryptocurrency whales collectively disposed of 31,683 ETH, worth approximately $106 million. The identified crypto whales include Cumberland, an address tied to the bankrupt Alameda/FTX property, and two undisclosed altcoin wallets.
Cumberland, a leading institutional crypto investment firm, deposited 17,206 ETH worth $57.3 million on various exchanges. On the other hand, two crypto whales named ‘0xC3f8’ and ‘0x1717’ moved 7,976 ETH worth $26.6 million and 4,000 ETH worth $13.32 million to Binance and other exchanges, respectively. Similarly, the FTX/Alameda property transferred 2,500 ETH worth approximately $8.33 million. By the way, this is not the first time that FTX has effectively dumped the market before a sharp sell-off. In this context, on-chain observer SpotOnChain announced the development as follows:
FTX and Alameda Research liquidators are really good at choosing their exit points! Just 8 hours ago, they deposited another 2,500 ETH ($8.56 million) to Coinbase at ~$3,426 just before the last drop!
Interesting approach to the market crash from Edward Snowden!
These significant commercial activities created additional selling pressure on the market. Thus, the leading altcoin further deepened its price decline. In fact, during this period, the price of the leading crypto BTC experienced a sharp decline, falling to $ 65,100. BTC later managed to recoup some of its losses. At the time of writing, Bitcoin was trading around $67,700, down 2.6% on a daily basis. According to data from CompaniesMarketCap, this positions Bitcoin behind Meta in the ranking of the largest global assets.
Regardless, computer scientist Edward Snowden mocked the industry’s reaction to the recent decline, noting that the Bitcoin price remained relatively stable throughout the week. In this regard, Snowden said:
I see crypto people going crazy over prices. Then, I open the Bitcoin chart and see that the price is the same as seven days ago!
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