đ„đ„ FTX/#Almeda Shifts $27.2M in Crypto; Elevating October Transfers to $106M đ„đ„
UPDATE:
FTX/Alameda transferred $27.2M assets again today, including:
7.17M $RNDR($17.93M)
131,833 $SOL($4.7M)
1,099 $ETH($2M)
845 $MKR($1.18M)
21.7M $REN($1.12M)
2.5M $GRT($273K)
As of Oct 31, FTX/Alameda had transferred ~$106M in crypto
Blockchain analysis firm Lookonchain dropped a bombshell tweet on October 31, revealing that FTX and its parent firm Alameda moved digital assets including SOL, RNDR, ETH, MKR, REN, and $GRT The transfer was not an isolated event; it followed a $10 million SOL unload by FTX just a day before, coinciding with Solanaâs strong bull run last week.
Further intensifying the spectacle, both #FTX and Alameda have shifted an eye-watering $59 million in cryptocurrencies to exchanges like Binance and Coinbase as of October 27. This could indicate a readiness to liquidate assets to settle debts.
Solana has been enjoying a seat in the limelight, recently rallying double digits and maintaining a robust market capitalization north of $13.49 billion. However, the FTX move has thrown a shadow of uncertainty over the asset. With FTX unloading a colossal 131,833 SOL tokens, worth approximately $4.7 million, investors are left wondering: Is this a precursor to a downturn for SOL?
Given the market volatility and a myriad of conflicting indicators, itâs advisable for investors to adopt a measured approach. Itâs noteworthy that the assets transferred were not confined to Solana; FTX moved various tokens including RNDR, ETH, MKR, and more, potentially indicating a broader strategic intent.
FTXâs #strategy could well be a portfolio rebalancing exercise or even a liquidity provision action for the exchange. In a market as volatile as cryptocurrency, a single transaction should not cause undue panic. Remember, itâs not just about reading the market; itâs about understanding the motives behind these vast
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Disclaimer:This article just for education not any financial advise
