FTX Transfers $13.6m to Binance and Coinbase in Possible Selloff Move

Wallets associated with bankrupt FTX and Alameda Research recently moved $13.6 million to Binance and Coinbase, deepening current selloff fears.

Crypto analytics platform SpotonChain flagged the transfer, initiated in a span of 10 hours. Per the update from Spot on Chain, Coinbase received a larger share of the transferred assets. The recent series of transactions saw two batches of movements.

?? #FTX and #Alameda Research further deposited $5.49M worth of 6 assets $AAVE, $ALICE $AXS, #C98, $DYDX, $ZRX, to #Binance and #Coinbase ~30 mins ago.

Top 3 include:
1.14M $DYDX ($2.64M)
192,888 $AXS ($1.05M)
5,858 $AAVE ($522K)

Overall, #FTX and #Alameda Research have… https://t.co/Rw0PnalH6G pic.twitter.com/JPbIXZJPzv

— Spot On Chain (@spotonchain) November 1, 2023

FTX Sustains Exchange Deposits

The second and latest batch of transfers saw the firm move $8.12 million to Coinbase. This deposit featured three altcoins, including 46.5 million The Graph (GRT) worth $4.85 million, 972,073 Render (RNDR) valued at $2.3 million, and 708.1 Maker (MKR) worth $967,000.

The first and earliest tranche of transfers featured six tokens worth $5.49 million. These altcoins include AAVE, MyNeighborAlice (ALICE), Axie Infinity (AXS), Coin98 (C98), DYDX, and 0x Protocol (ZRX). Of these, the three top transfers included 1.14 million DYDX worth $2.46 million, 192,888 AXS valued at $1.05 million, and 5,858 AAVE valued at $522,000.

Based on these latest transfers, the FTX estate has now deposited a total of 26 tokens to exchanges all valued at approximately $83.6 million, according to SpotonChain.

After the implosion of FTX, the firm, under the leadership of John Ray III sought to free up funds from the huge stash of altcoins held by the trading platform. As part of its bankruptcy proceedings, FTX bagged the approval to liquidate $3.4 billion worth of assets in September, with Solana, Bitcoin, and XRP making the list of the top assets billed for offloading.

Notably, not all of these transfers were designated for selloff as the firm staked some altcoins, including Ethereum, Polygon, and Solana, last month.

Asset Reaction to FTX Transfers

The exchange’s move has remained consistent since that time, and surprisingly, some of the assets in question have managed to regain their momentum. 

Solana tops the list of these altcoins as it ended October with a 24.56% growth to $39.56 after featuring in a number of potentially fatal transfers to exchanges. The luster of Solana has seen firms like VanEck calling a price target of $3,211 for SOL by 2030.