According to TechFlow, the bankruptcy liquidation of Genesis Trading is still going on, according to the monitoring of the on-chain analyst AI Aunt. Eight hours ago, GSR Markets received 5,932 ETH worth $15.05 million transferred from its Bankruptcy Distributions address, which has now been fully recharged to Binance.

Between August 2nd and 3rd, the Genesis Trading bankruptcy liquidation address transferred BTC and ETH worth more than US$2.11 billion to major exchanges/entities/transfer addresses.

Affected by the collapse of FTX, Genesis declared bankruptcy in January this year. According to the liquidation plan approved by the court, 77% of customer assets worth $3 billion will be returned. However, the specific form of return is not clearly stated, whether it will be in stablecoins or BTC/ETH, so whether its bankruptcy liquidation process will cause selling pressure on the market remains unknown.