CoinDesk
Wallets labeled as belonging to the FTX bankruptcy estate and Alameda Research transferred up to 27,373 ether, worth roughly $75 million, to crypto market maker Wintermute on Wednesday. On-chain analysts PeckShield and EmberCN flagged the flow through two different lenses, one naming a single 23,639 ETH transaction worth around $65 million, the other tracing six combined transfers.
Why it matters
The transfers come as the FTX Recovery Trust continues its multi-year creditor distribution, with a $2.2 billion payout planned for March. Wallets associated with the bankruptcy estate and Alameda have routinely pre-positioned assets at market makers and OTC desks during the wind-down. The pattern gives a market maker the inventory to absorb any subsequent sale without crashing public order books.
Market impact
A move to Wintermute does not guarantee near-term selling pressure on ETH markets. The market maker could hold the ether as inventory, hedge, or work the position out over time. On-chain data does not show Wintermute selling the assets, and the FTX Recovery Trust has not commented publicly. The trajectory follows prior wind-down transfers, and as with past estate moves, the read-through hinges on whether OTC desks absorb, hedge, or eventually pass the inventory to exchanges.
Frequently asked questions
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How much ether did FTX and Alameda wallets send to Wintermute?
Up to 27,373 ETH, worth about $75 million, on Wednesday, according to on-chain analysts PeckShield and EmberCN.
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Why did the wallets transfer ether to Wintermute?
A transfer to a market maker can signal plans to sell or hedge a large position without sending it directly to an exchange, but neither Wintermute nor the FTX Recovery Trust has confirmed a sale or that it was for creditor repayments.
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Is this transfer linked to the FTX creditor distribution?
The transfers align with the FTX Recovery Trust's ongoing creditor-distribution program, which includes a planned $2.2 billion payout in March. The Trust has not publicly commented on these specific transfers.
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Will Wintermute sell the ETH on public exchanges?
On-chain data does not show Wintermute selling the ether. The market maker could hold the assets as inventory, hedge exposure, or execute a sale gradually over time.
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Why do on-chain analysts show different ETH amounts?
PeckShield flagged the largest single transaction of 23,639 ETH (~$65M), while EmberCN counted six combined transfers totaling 27,372 ETH, which accounts for the gap between the two reads.
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