In 2022, the cryptocurrency lender Genesis encountered a liquidity crisis due to the collapse of FTX and 3AC, and finally filed for bankruptcy protection in January last year. In order to repay creditors, Genesis began to gradually liquidate assets. In February of this year, the court approved its sale of approximately $1.6 billion worth of Grayscale Trust assets, including more than $1.3 billion in GBTC shares. In May, Genesis was approved to distribute $3 billion in cash and cryptocurrency to creditors, a move that covered 77% of the total customer claims.

Although creditors have received partial asset reimbursement, the process has also raised concerns in the community about the potential for additional selling pressure on the market. In particular, Genesis transferred 40,000 ether on August 2, a move that has attracted widespread attention in the market.

According to Arkham data, Genesis transferred 27,500 ETH (about $87.09 million) to a new address (0xcbCF) on the morning of August 2, and just two minutes later, it transferred another 12,500 ETH (about $39.59 million) to another new address (0x72FE). So far, Genesis has transferred a total of 40,000 ETH, with a total value of about $127 million.

In addition, Genesis has transferred a total of 13,200 bitcoins to Coinbase in the past month, with a total transfer amount of approximately US$760 million. These actions may be Genesis's preparation to repay creditors, and may also be one of the reasons why the cryptocurrency market has been difficult to break through the bottleneck recently. Especially in early July, when the price of Bitcoin fell below $60,000, in addition to the negative news of the German government's liquidation, Mt.Gox repayment and US Bitcoin transfer, Genesis's liquidation action may also have an impact on the market.

Now, Genesis has transferred Ethereum again. This action may put further downward pressure on the price of Ethereum. Investors need to pay close attention to market dynamics. #美国政府转移BTC #比特币大会