Wallets associated with the FTX bankruptcy estate and Alameda Research have moved approximately 27,373 ether, valued at around $75 million, to Wintermute, a crypto market maker, according to onchain analysts.
Analysts from PeckShield and EmberCN report significant ether transfers, but the reasons remain unclear.
Onchain analytics firm PeckShield reported a transfer of 23,639 ether, worth about $65 million, from a wallet linked to Alameda Research and the FTX bankruptcy estate to Wintermute early Wednesday. EmberCN also noted that six wallets collectively transferred 27,372 ether to Wintermute, sharing the details of these movements on the Arkham intelligence platform.
The difference in reported figures suggests that PeckShield highlighted the largest single transaction, while EmberCN tracked multiple transfers. The most substantial transfer was labeled as being sent to a wallet identified as "Wintermute" on Etherscan.
Transferring assets to a market maker or over-the-counter platform can indicate that an owner is looking to sell or hedge a large position discreetly, rather than sending it directly to an exchange. However, the onchain data does not confirm if Wintermute has sold the ether or if the transfer was intended for creditor repayments.
Wintermute has yet to respond to inquiries from CoinDesk regarding this transfer, and the FTX Recovery Trust has not issued any statements about these transactions.
Historically, FTX and Alameda wallets have moved digital assets to exchanges during the ongoing wind-down process of the estate. This latest transfer occurs amid the trust's creditor-distribution efforts, including a planned $2.2 billion payout scheduled for March.
It is important to note that a transfer to Wintermute does not guarantee the ether will be listed on public exchange order books immediately. The market maker could retain the assets as inventory, hedge its exposure, or gradually execute sales over time.