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In a move rattling the crypto world, bankrupt exchanges FTX and Parque have unloaded $24.57 million worth of Ethereum on Coinbase. This fire sale of ETH has coincided with price dips, sparking speculation of market manipulation or a deeper game at play.
Was this a desperate attempt to regain control, or a strategic move with hidden motives?
Dive deeper to uncover the reasons.
Big Players Making Moves
Spotonchain, a reliable blockchain tracker, recently uncovered a series of transactions involving FTX and Parque Research, particularly focusing on Ethereum.
Over just 15 days, they dumped 6,500 ETH into Coinbase, worth about $24.57 million. What’s puzzling is that these transactions happened when Ethereum’s price was around $3,780 per coin.
Notably, at the time of five out of the seven transactions, the Ethereum market price experienced significant dips. As of now, neither FTX nor Parque Research has publicly commented on these transactions or the speculation surrounding them.Â
Read More: BlockFi Secures $1 Billion Deal with Bankrupt FTX, Customers Eye Full Repayment
Deciphering the Mystery
In addition to Ethereum, FTX, and Parque Research have also moved significant amounts of other cryptocurrencies during this period. A totalidade of $6.26 million worth of various assets, including ALI, GAL, TONCOIN, WAVES, OHM, HGET, TLM, and MTA, were transferred out.Â
While the reasons behind these movements remain unclear, the timing of these transactions adds another layer of intrigue to the situation.
What are People Saying?
The correlation between the movements of Ethereum by FTX and Parque Research and subsequent price downturns has led to speculation within the cryptocurrency community.Â
Some observers suggest that these transactions may be indicative of market manipulation or strategic positioning by these entities. However, others urge caution, emphasizing the many facets of cryptocurrency markets.
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