FTX Estate Transfers $75M in Ether to Wintermute as ETH Nears $2,800
FTX’s bankruptcy estate has transferred a substantial amount of Ether to market maker Wintermute as the cryptocurrency market continues to recover from recent lows.
According to onchain analyst EmberCN, 27,372 ETH, valued at approximately $75.32 million, was moved through six separate wallets and ultimately transferred to Wintermute on Tuesday. The transaction comes as Ether approaches the $2,800 level and the FTX estate continues liquidating cryptocurrency assets to support creditor distributions.
A separate transaction tracker, Lookonchain, identified a portion of the movement as a 23,639 ETH transfer worth approximately $65.05 million. The available onchain data establishes that the ETH was transferred to Wintermute, but it does not confirm whether the tokens have already been sold.
FTX Moves 27,372 ETH Through Six Wallets
The latest transaction involved 27,372 ETH moving from wallets associated with the FTX and Alameda Research liquidation process to Wintermute. EmberCN reported the combined movement through six wallets, putting the value of the transfer at roughly $75.32 million.
EmberCN transaction report on X
Lookonchain separately tracked a 23,639 ETH transfer worth about $65.05 million. The difference between the two reported amounts appears to reflect different portions of the broader wallet activity rather than confirmation of two separate $65 million-plus sales.
Lookonchain report on the ETH transfer
Importantly, the transfer itself does not prove that Wintermute has sold the Ether. Onchain movements can show where assets are sent, but a subsequent sale or OTC transaction may not immediately be visible from the initial transfer alone.
Why Wintermute Could Be Used for the ETH Sale
Wintermute operates as a major crypto market maker and provides liquidity across digital-asset markets. Routing a large position through a market maker or OTC channel can allow an entity to execute transactions without immediately placing the entire position into public exchange order books.
For a bankruptcy estate managing large cryptocurrency holdings, execution and liquidity can be important considerations. Selling a large amount directly into an open market could potentially create visible order-book pressure, while market-making and OTC arrangements can provide alternative execution channels.
The FTX estate has faced scrutiny over previous asset sales, including the liquidation of Solana holdings. FTX generated $1.9 billion from a Solana sale at $64 per SOL, a transaction that attracted creditor scrutiny over the discount involved.
The latest Ether transfer therefore adds to a broader pattern of FTX-related wallets moving digital assets as the estate works through the bankruptcy and creditor recovery process.
ETH Nears $2,800 as FTX Sells Into a Stronger Market
The timing of the transfer is notable because Ether has strengthened considerably. According to the supplied market data, ETH was trading around $2,750, gaining approximately 1% on the day and 15% over the week, with its market capitalization above $338 billion.
Bitcoin also posted gains over the same period, rising approximately 14% across the week.
The stronger market backdrop gives the FTX estate a larger pool of liquidity as it converts digital assets. However, the size of one transfer alone does not establish that the market will experience significant selling pressure.
At the same time, another large holder was reportedly accumulating Ether. Lookonchain reported that an OTC whale purchased 15,000 ETH worth approximately $41.26 million, bringing its position accumulated since July to 52,000 ETH.
That activity illustrates the two sides of the current market: large holders and estates can be moving significant amounts of ETH at the same time that other participants are accumulating it.
FTX Estate Continues Funding Creditor Distributions
The Ether transaction is part of a much larger process surrounding FTX’s bankruptcy and creditor repayments.
Since the collapse of the exchange, the FTX Recovery Trust has completed multiple distribution rounds. According to the supplied report, five rounds have distributed approximately $11 billion in total. The fourth distribution delivered roughly $2.2 billion on March 31, while the fifth distribution released approximately $900 million on July 3.
To support these distributions, wallets associated with FTX and Alameda have continued to move and liquidate cryptocurrency holdings. Previous transactions have included $16 million in Solana, $8.6 million in crypto assets transferred to Binance, and another movement involving approximately $5 billion in FTX funds.
These transactions show that the estate's asset-management process extends well beyond Ether and involves multiple cryptocurrencies and wallets.
Large ETH Transfers Remain a Market Focus
The latest 27,372 ETH transfer highlights the scale of cryptocurrency holdings still being processed through the FTX bankruptcy estate.
The transfer to Wintermute does not by itself confirm that all 27,372 ETH will immediately enter the market. What it does establish is that a large quantity of Ether has moved to a market-making entity at a time when ETH is trading near $2,800.
The supplied report also points to a previous FTX-related transaction involving an Alameda Research stake in Cursor, which was sold for approximately $200,000 despite the position later being valued substantially higher.
For the broader market, the key development is whether additional large transfers follow and how those assets are ultimately handled. A single $75 million transfer can be absorbed by a sufficiently liquid market, while a sustained series of large estate-related transactions could become more significant for Ether supply and trading activity.
For now, the FTX estate continues its long-running asset recovery and distribution process while Ether trades near a major psychological price level.
