Lookonchain
Alameda Research, now under the control of the FTX bankruptcy estate, deposited 23,639 ETH worth $65.05 million into Wintermute roughly four hours ago, a transfer traders read as pre-positioning for a sale.
Why it matters
The estate has been drip-feeding large blocks of ETH into market makers for liquidation, and each deposit has historically preceded actual sell pressure on exchanges. With the estate still holding substantial crypto assets, these desks-offloaded tranches act as a recurring supply overhang that bears lean on whenever momentum stalls.
Market impact
A single $65M block is absorbable in normal conditions, but the signal matters more than the size: the estate remains an active seller, and every fresh Wintermute deposit has tended to mark a window of elevated ETH supply. Traders will watch whether the inflow hits spot markets quickly or is worked gradually, and whether the estate follows with additional deposits.
Frequently asked questions
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How much ETH did the FTX bankruptcy estate deposit to Wintermute?
Alameda Research, controlled by the FTX bankruptcy estate, deposited 23,639 ETH valued at $65.05 million into Wintermute roughly four hours before the transfer was flagged on-chain.
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Why does a deposit to Wintermute signal selling?
Wintermute is a market maker, and previous large deposits from the estate to such desks have historically preceded the assets being sold into spot markets, so traders treat the transfer as pre-positioning for a sale.
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Can the market absorb a $65 million ETH sale?
In normal conditions a single $65M block is absorbable by ETH's liquidity depth. The concern for traders is the cadence: the estate still holds substantial crypto assets, so these transfers represent a recurring supply overhang.
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Why is Alameda Research still selling crypto assets?
Alameda came under the control of the FTX bankruptcy estate after the 2022 collapse, and the estate has been liquidating holdings through market makers to convert assets into cash for creditor repayments.
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What should ETH traders watch after this transfer?
Traders are watching whether the 23,639 ETH is worked into the market gradually or sold quickly, and whether the estate follows up with additional deposits to market-making desks.
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