Failed cryptocurrency organizations FTX and Alameda Research mysteriously took a good position by selling ahead of yesterday’s big cryptocurrency drop.
They deposited 2,500 Ethereum (ETH) to Coinbase, equivalent to approximately $8.56 million. The deposit was made when the price of ETH was around $3,426. Interestingly, this large deposit was made just before a significant drop in ETH price.
ETH price is trading at $ 3,280 at the time of writing this article.
Since March 1, 2024, FTX and Alameda have been actively trading, depositing a total of 15,850 ETH into Coinbase. The average price during these deposits was approximately $3,659 per ETH, and their total deposits were worth approximately $58 million.
Almost the entire cryptocurrency market, including Bitcoin, suffered major losses yesterday following the tension between Iran and Israel. The US stock market and spot gold were also among the assets that suffered losses due to geopolitical risks. However, ounces of gold also rose to an all-time high in dollar terms yesterday.
*This is not investment advice.
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