đđIs a New Selling Pressure Coming to Bitcoin: The Bankrupt Giant Stock Exchange Frightened! đđ
Bankrupt cryptocurrency exchange Gemini sold hundreds of millions of dollars of Bitcoin (BTC) last week.
According to data from on-chain analysis platform Arkham, an address identified as "Genesis Trading" transferred a total of 12,000 BTC to Coinbase last month, making transactions worth approximately $760 million.
It is claimed that these transactions may be linked to Genesis' bankruptcy liquidation processes. If this is true, approximately 33,000 BTC worth $1.9 billion held by Genesis could be sold in the future, which could create a new selling pressure.
They Have Altcoins in Their Wallets
Apart from Bitcoin, the company also has Ethereum worth $365 million and Compound (COMP) assets worth $5.5 million. It also holds small amounts of altcoins such as TRON (TRX), The Sandbox (SAND), The Graph (GRT) and USD Coin (USDC).
In May, Genesis Global was approved to liquidate and distribute its assets as part of its bankruptcy reorganization plan.
Genesis had a difficult time with its umbrella company Digital Currency Group (DCG) and cryptocurrency exchange Gemini, and creditor lawsuits were also harsh.
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