Caution! FTX Offloads $20M Worth of TRX, MATIC, Others to Exchanges

FTX liquidators have continued their selling spree after transferring $20 million worth of crypto assets to exchanges. In the early hours of Wednesday, an FTX/Alameda-labelled wallet moved 129 million TRX (worth $13.4 million) to Binance.

The liquidators also transferred 7.6 million MATIC (worth $5.75 million), 1.65 million SAND (worth $682,000), 464,000 SNX (worth $157,000), and 1482 GNO (worth $288,000) to Coinbase, Wintermute, and Cumberland.

FTX earlier revealed that it would liquidate assets worth $1.3 billion, excluding stablecoins. The crypto assets in its custody are TRX, MATIC, SOL, GNO, SAND, BTC, ETH, XRP, DOGE, and APT.

Prices Unaffected

At least for now, these assets and the general market barely felt the impact of the sales. The global crypto market continued to blossom, with Bitcoin keeping much of its gain from Monday. The transferred assets (MATIC, XRP, GNO, and SAND) also showed slight price variation.

It is unclear how much the market would be able to contain the persistent asset sales from FTX liquidators. The market reacted negatively in September when the defunct crypto exchange announced it would liquidate up to $3.4 billion in crypto assets in the coming months, with Bitcoin dropping to $25,770.

More to Come

With FTX set to liquidate $3.4 billion worth of assets, the exchange’s liquidators are still beginning. Solana Network’s SOL is the exchange’s highest-held crypto asset, with over $1.16 billion in SOL in its custody.

For SOL, the $1.6 billion held is currently below 1% of its market cap, so it is expected to have minimal impact on its price, even if the liquidators sell it at once. SOL’s recent rally might also signify the network has gone past the FTX debacle.

The asset sales are good news for FTX’s creditors, who are expecting a refund soon. FTX’s bankruptcy team also sees the asset recovery and debt payment as a boost to its ambition to restart soon.