Liquidators from FTX and Alameda Research deposited 2,500 ETH into Coinbase just before the crash. Other major cryptocurrency whales made similar moves. This move coincided with the recent collapse in the price of the leading altcoin. This, in turn, raised some questions. FTX liquidators consistently aim to deposit significant amounts of money ahead of significant price drops.

Cryptocurrency whales dumped ETH before the crash!

Cryptocoin.comThere are some familiar faces behind the sharp sell-off. On-chain analysts reported that several institutional investors strategically sold some of their holdings during the market downturn. Four cryptocurrency whales collectively disposed of 31,683 ETH worth approximately $106 million. The identified crypto whales include Cumberland, an address connected to the bankrupt Alameda/FTX property, and two undisclosed altcoin wallets.

Cumberland, a leading institutional crypto investment firm, deposited 17,206 ETH worth $57.3 million on various exchanges. On the other hand, two crypto whales named ‘0xC3f8’ and ‘0x1717’ moved 7,976 ETH worth $26.6 million and 4,000 ETH worth $13.32 million to Binance and other exchanges, respectively. Similarly, the FTX/Alameda property transferred 2,500 ETH worth approximately $8.33 million. Incidentally, this is not the first time that FTX has effectively dumped the market before the hard sell-off. In this regard, on-chain observer SpotOnChain announced the development as follows:

FTX and Alameda Research liquidators are really good at picking their exit points! Just 8 hours ago, they deposited another 2,500 ETH ($8.56 million) on Coinbase at ~$3,426 just before the recent drop!

Edward Snowden’s interesting approach to market collapse!

These significant trading activities created additional selling pressure on the market. Thus, further deepening the decline in the price of the leading altcoin. In fact, during this period, the price of the leading crypto BTC fell sharply to as low as $65,100. BTC later managed to recover some of its losses. At the time of writing, Bitcoin was trading around $67,700, down 2.6% on a daily basis. According to data from CompaniesMarketCap, this places Bitcoin behind Meta in the global largest assets ranking.

Nonetheless, computer scientist Edward Snowden mocked the industry’s reaction to the recent drop, noting that the price of Bitcoin has remained relatively stable throughout the week. Accordingly, Snowden said the following:

I see crypto people going crazy because of the prices. Then, I open the Bitcoin chart and I see that the price is the same as it was seven days ago!