FTX Moves $36 Million In Polygon, Avalanche Tokens In Last 24 Hours

FTX Derivatives Exchange has carried out a new round of token transfers, with the latest data indicating that the defunct digital trading company traded about $36 million with Polygon (MATIC) and Avalanche (AVAX) in the last day.

Spot on Chain analytics has unveiled a planned maneuver executed by FTX, whereby they directed a significant amount of $36.01 million in MATIC and AVAX to exchanges within a 24-hour timeframe.

It is worth mentioning that a considerable portion of this amount, amounting to $17.2 million, was allocated to Coinbase and FalconX, namely in the form of 22.6 million MATIC tokens.

Note that #FTX and #Alameda further deposited $36.01M worth of $MATIC and $AAVX to exchanges in the past 24 hours:

22.6M $MATIC ($17.2M) to #Coinbase and #FalconX
975,859 $AVAX ($18.83M) to #FalconX

Overall, FTX and Alameda have transferred out $488M worth of 48 tokens… https://t.co/rKCWMVzlPZ pic.twitter.com/BRDVDQdoc3

— Spot On Chain (@spotonchain) November 22, 2023

FTX Busy Moving Funds

Data from Lookonchain revealed that the MATIC transfer occurred in two separate tranches, each of which ended up somewhere different: one tranche ended up at Binance, while the second tranche ended up at Coinbase.

The transfer’s Coinbase portion includes a large 12.6 million MATIC, valued at almost $9.6 million. At the same time, there are 10 million MATIC tokens in the Binance deposit, which had a value of $7.45 million at the beginning of the transfer.

In the past 24 hours, #FTX transferred a total of ~$36M assets to exchanges.

Deposited 12.6M $MATIC($9.4M) to #Coinbase;
Deposited 10M $MATIC ($7.45M) to #Binance via #FalconX;
Deposited 975,859 $AVAX ($19.25M) to #Binance via #FalconX. pic.twitter.com/pkcYg9kfcv

— Lookonchain (@lookonchain) November 22, 2023

This split movement provides insight into FTX’s deliberate distribution of assets among major exchanges, with each distribution precisely matched to the characteristics of the individual platforms.

Accounts linked to the now-defunct FTX exchange sent almost $3.16 million in Ethereum to its ailing former competitor Binance on November 21.

Since October 24, FTX has effectively transferred $488 million among 48 distinct tokens, exhibiting a minor increase from the closing amount of $452 million on Monday of the previous week.

 

As of Thursday, the market cap of cryptocurrencies hit $1.38 trillion. Chart: TradingView.com

Moreover, on November 17, addresses connected to FTX and Alameda unstaked a substantial 11.5 million MATIC, valued at $9.24 million in the market.

Polygon experienced a significant decline of more over 10%, finishing at approximately $0.72, as the trading day came to a conclusion on November 21st.

Not The First Time For FTX

This fall brought the total loss over the previous two days to almost 15%. Unfortunately, MATIC had already shown signs of improvement when this update was created.

To trade around $0.76, its price increased by more than 4%. Although it stayed below the neutral line, the Relative Strength Index (RSI) also showed indications of an upward trend.

Meanwhile, the Avalanche transfer, which involves the movement of 975,859 AVAX valued at $19.25 million, represents a significant transaction, both in terms of volume and monetary value.

FTX has previously engaged in significant token transfers on multiple occasions. Numerous alternative cryptocurrencies have been included in these transactions during the recent months, particularly following the acquisition of authorization from the bankruptcy court to sell off its assets.

Featured image from Witty Sparks

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