Genesis Creditor Sold over 12,000 ETH Amid Market Uncertainties
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
A Genesis creditor conducted a large Ethereum sale, signaling a crucial development in the ongoing liquidation process. This creditor is the largest recipient of the Genesis Trading bankruptcy proceedings.
According to data from Arkham Intelligence, the creditor sold 12,100 Ethereum (ETH), valued at $31.43 million, in just three days. This sale came after Genesis Trading repaid the creditor in August.
Genesis creditor already sold 12,100 ETH amid major liquidationhttps://t.co/S7fPQDF2yf#GenesisTrading #Bankruptcy #CryptoSellOff #MarketUncertainty #Liquidation #Crypto #Ethereum #NBTC pic.twitter.com/9f3bxAjxoU
The creditor, which received a massive allocation of 114,502 ETH, valued at $358.19 million, on August 2, began selling off part of its assets on September 23. The creditor initiated transactions with FalconX, an institutional crypto brokerage, transferring a large portion of its Ethereum holdings.
The sale of Ethereum by the creditor came in multiple phases, beginning with smaller transfers. Over the course of three days, between September 23 and September 25, a total of 12,100 ETH was moved to FalconX. The largest of these transfers, 7,099 ETH worth $18.56 million, occurred on September 25.
Some market observers believe the selling pressure exerted by such a large transaction could potentially influence Ethereum’s short-term market trajectory, especially given the uncertain market conditions.
The sale also reflects broader market movements that have been affecting Ethereum. Between September 17 and 21, Ethereum saw a price
Read more on cryptonews.com
