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Blockchain data on September 13th shows that during Monday's cryptocurrency market sell-off, Jump Trading, Wintermute, and Abraxas Capital deposited a significant amount of Bitcoin (BTC), Ethereum (ETH), and Arbitrum's ARB tokens into cryptocurrency exchanges.
Blockchain analysis firm Arkham Intelligence pointed out in a Reddit post that asset management company Abraxas Capital transferred 14,130 ETH (valued at approximately $22.5 million) to Bitfinex in two transactions. Arkham added that major market maker Jump Trading sent nearly 236 BTC (valued at $5.9 million) to Binance in a single transaction.
Blockchain detective Lookonchain noted that another large market maker, Wintermute, deposited over $3.3 million worth of ARB tokens into Binance within the past 8 hours.
Small-scale traders often follow the on-chain activities of large institutional traders because they are considered well-informed and have significant market influence. Sending tokens to exchanges may indicate an intention to sell, but it could also be part of a market maker's fund transfer between different exchanges to provide liquidity.
These transfers come as the cryptocurrency market experienced a sharp decline amid concerns that cryptocurrency exchange FTX might sell its $3.4 billion in digital assets. Coinglass data indicates that September has been a tumultuous month in the history of digital assets, with negative returns for BTC each year since 2016.
BTC is barely holding above $25,000 and has fallen 2.8% in the past 24 hours. ETH has dropped 4.7% to its lowest price since March. ARB is leading the decline among major cryptocurrencies, falling 11% on the day. |
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Post time 17-9-2023 05:55:44