Giant Companies Are Sending Bitcoin and These 2 Altcoins to Stock Exchanges!

Jump Trading, Wintermute, and Abraxas Capital, three leading institutional players in the cryptocurrency world, deposited significant amounts of Bitcoin (BTC), Ethereum (ETH), and Arbitrum’s ARB token into various crypto exchanges during Monday’s crypto market sell-off. Blockchain data shed light on these intriguing transactions taking place amidst increasing market uncertainty. Here are the details…

Abraxas Capital transferred ETH, Jump Trading sent 236 Bitcoin to Binance

Asset manager Abraxas Capital made a notable move by transferring 14,130 ETH, worth approximately $22.5 million, to Bitfinex. This significant transfer occurred in two separate transactions and was closely observed by Blockchain analytics firm Arkham Intelligence, as reported in their recent post. This significant inflow of ETH into the exchange has attracted the attention of many market participants. Simultaneously, major market maker Jump Trading made a strategic move by sending approximately 236 Bitcoins worth $5.9 million to Binance in a single transaction. Arkham Intelligence’s views on this transaction highlight the calculated nature of Jump Trading’s actions during this volatile market period.

Another major market maker, Wintermute, deposited more than $3.3 million in ARB tokens to Binance over an eight-hour period. This series of transactions was closely monitored by blockchain sleuth Lookonchain, adding to the curiosity surrounding corporate behavior in the crypto space. Large institutional traders play an important role in the cryptocurrency market, and their on-chain maneuvers are closely followed by smaller traders. These institutions are generally considered well-informed and can significantly influence market sentiment.

Is there a sale coming?

Although sending altcoins to exchanges indicates intent to sell, it is important to recognize that market makers often take such actions to facilitate liquidity on different exchanges. These maneuvers may be part of their broader strategy to optimize their positions. The timing of these big transfers is remarkable. Because it took place while the cryptocurrency markets were experiencing a sharp decline. Market participants’ concerns have been further fueled by speculation about crypto exchange FTX potentially divesting from $3.4 billion in crypto assets. September has been a historically turbulent month for crypto assets, according to Coinglass data. Bitcoin has delivered negative returns every year since 2016.

According to the latest data, Bitcoin could only hold above the $ 25,000 level with a 2.8 percent decrease in the last 24 hours. Ethereum also experienced a 4.7% decline, reaching its lowest price since March. Among the major cryptocurrencies, ARB was hit the hardest, dropping 11% in a single day. As we reported at Kriptokoin.com, ARB hit its record low. These latest transactions by Jump Trading, Wintermute and Abraxas Capital add an intriguing layer to the ongoing crypto narrative.