FTX hasn’t finished liquidating yet—$ETH just bounced and they already started moving cargo.
On September 23, the FTX/Alameda asset liquidation team transferred 27,372 ETH (worth about $75.32 million) out through six wallets, and then moved it into Wintermute. The market generally believes this looks more like appointing Wintermute to handle the subsequent sales, rather than directly dumping it onto exchanges.
In fact, this isn’t sudden. The FTX bankruptcy liquidation has been ongoing. In March 2026, it distributed about $2.2 billion to creditors, and in July it launched an approximately $900 million fifth round of distributions. So far, a large amount of bankruptcy assets has continued to be returned to creditors, and the disposal of assets is naturally still underway.
At present, the impact on the market is somewhat bearish, but in this kind of market environment, the effect isn’t that big.
$75 million isn’t a particularly large amount for the entire ETH market. And once it’s handed to Wintermute, it will likely be absorbed via OTC or in batches, so the actual order-book impact may not be that significant.
What’s really worth noting is that this “old seller” called FTX hasn’t completely disappeared.
The moment the market rebounds, more FTX/Alameda assets that have been dormant for years may re-enter circulation. In the short term, it may add a bit of selling pressure on ETH—but it’s more likely to suppress bullish sentiment than to change ETH’s overall trend.
On September 23, the FTX/Alameda asset liquidation team transferred 27,372 ETH (worth about $75.32 million) out through six wallets, and then moved it into Wintermute. The market generally believes this looks more like appointing Wintermute to handle the subsequent sales, rather than directly dumping it onto exchanges.
In fact, this isn’t sudden. The FTX bankruptcy liquidation has been ongoing. In March 2026, it distributed about $2.2 billion to creditors, and in July it launched an approximately $900 million fifth round of distributions. So far, a large amount of bankruptcy assets has continued to be returned to creditors, and the disposal of assets is naturally still underway.
At present, the impact on the market is somewhat bearish, but in this kind of market environment, the effect isn’t that big.
$75 million isn’t a particularly large amount for the entire ETH market. And once it’s handed to Wintermute, it will likely be absorbed via OTC or in batches, so the actual order-book impact may not be that significant.
What’s really worth noting is that this “old seller” called FTX hasn’t completely disappeared.
The moment the market rebounds, more FTX/Alameda assets that have been dormant for years may re-enter circulation. In the short term, it may add a bit of selling pressure on ETH—but it’s more likely to suppress bullish sentiment than to change ETH’s overall trend.