The crypto market is again not performing well today. Just in the last hour or so, Bitcoin and Ethereum prices are down by around 2%. The two biggest cryptocurrencies are now trading below $64k and $3.1k respectively.
Blockchain analytics firm Arkham Intelligence has reported a huge movement of cryptocurrencies linked to Genesis Trading. According to their findings:
A total of $1.5 billion worth of Bitcoin and Ethereum has been moved.
This includes 16,600 BTC, valued at approximately $1.1 billion.
Additionally, 166,300 ETH, worth about $521.1 million, was transferred.
These movements occurred within a single hour.
The transfers are believed to be part of Genesis’s efforts to repay its creditors, likely related to ongoing bankruptcy proceedings.
BREAKING: GENESIS MOVING $1.5B BTC + ETH FOR CREDITOR REPAYMENTSWallets linked with Genesis Trading have moved 16.6K BTC ($1.1B) and 166.3K ETH ($521.1M) in the past hour – likely for in-kind repayments to creditors.BTC: bc1qmetf6pu6ghr6fv92209sw5x9t5999562t8wmuxETH:… pic.twitter.com/5Jtxqx8mxT
— Arkham (@ArkhamIntel) August 2, 2024
The specific wallet addresses involved in these transactions are:
Ethereum: 0xC62cBa8e7080e376345F72D5b8ed414D8e0546C4
Bitcoin: bc1qmetf6pu6ghr6fv92209sw5x9t5999562t8wmux
Such large transfers can often create short-term volatility in the market as traders react to the potential for these funds to be sold on exchanges.
It’s worth noting that Ethereum ETFs went live and began trading last month. However, contrary to some expectations, market prices didn’t react particularly well to this news. This muted response, combined with the recent price dips, suggests that the crypto market is currently facing some headwinds despite positive developments in the institutional investment space.
Read also: YouTuber Predicts Cardano (ADA) Could Hit $2 in 2024 Despite Extended Consolidation
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