FTX transferred approximately $200 million worth of cryptocurrencies to exchanges which tokens were specifically sold off.

FTX Transfers Tokens Valued at $200 Million to Exchanges, Proceeds from Token Sales

Author: 0xRamen, Source: Author’s Twitter @0xRamen; Compilation: Ke Dong, LianGuai

Last week, FTX’s asset wallet transferred about $200 million of cryptocurrency to the exchange. Despite this, the price remained stable (and even increased in some cases).

Here are some analyses provided by @0xmize and me (under @OuroResearch), including:

• Which tokens were sold

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• How the project Galaxy performed

• Liquidity situation

The top five non-USDC tokens sent to centralized exchanges were:

• SOL ($75 million)

• RNDR ($23 million)

• MATIC ($19 million)

• ETH ($16 million)

• LINK ($6 million)

If we are still in the liquidity paradigm before Bitcoin’s price broke $30,000, this would be a significant amount. But currently, spot liquidity is about twice that of the past three months.

Galaxy is aware of this and is liquidating some assets utilizing the liquidity and strong alternative bids (especially SOL).

So far, the current price is X% higher than the “sent to CEX” price, indicating that asset sales have not peaked.

It is particularly noteworthy that since Galaxy first started selling SOL, its price has increased by X%, despite the selling pressure of about $75 million.

This is truly impressive and demonstrates the existence of significant buying power in the market.

Many price trends in the past six months have mainly revolved around the supply side, especially potential selling pressure from FTX assets, Mt. Gox, the US government, and Celsius. We do believe that these concerns have been exaggerated – sales will be more diversified than expected.

Asset managers will continue to sell in a strong market and good liquidity rather than simply conducting concentrated large-scale sell operations (considering that asset sales can be converted into buying power when returned in USD). We would not be surprised to see over-the-counter (OTC) sales occur.

List of FTX assets sent to CEX: https://tinyurl.com/OuroborosFTXEstateSales includes the following:

• Total number of tokens sent last week

• Price changes for all 32 individual tokens, covering the amount of FTX assets sent to CEX (similar to the SOL chart mentioned above)

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