FTX, Alameda-linked wallets send $75 million in ether to Wintermute, onchain data shows
Onchain analysts PeckShield and EmberCN say the funds moved to a Wintermute wallet, but neither a sale nor the purpose of the transfer have been confirmed.
Wallets labeled as belonging to the FTX bankruptcy estate and Alamada Research transferred as much as 27,373 ether ETH$2,734.59, worth about $75 million, to crypto market maker Wintermute, according to two onchain analysts.
PeckShieldAlert flagged a transfer of 23,639 ether, worth roughly $65 million, from an Alameda Research and FTX bankruptcy estate-labeled address to a Wintermute wallet early on Wednesday. Onchain analyst EmberCN said six wallets transferred a combined 27,372 ether to Wintermute in a post on X. EmberCN traced the transfers and shared the Wintermute wallet movements on the Arkham intelligence platform.
The discrepancy between the two onchain analysts suggests that PeckShield’s alert identified the largest single transaction, whereas EmberCN took into consideration several transfers. The largest part of the transfer sent 23,639 ether to an labeled “Wintermute” on Etherscan.
A transfer to a market maker or over-the-counter platform can signal that a holder intends to sell or hedge a large position without sending it directly to an exchange. But the onchain data does not establish that Wintermute has sold the ether or that the transfer was made to fund creditor repayments.
Wintermute did not immediately respond to a CoinDesk request for confirmation and further information. The FTX Recovery Trust has not made any public statements regarding the transfers.
FTX and Alamade wallets have previously moved digital assets to exchanges during the estate’s multiyear wind-down. The latest transfer follows the trust’s ongoing creditor-distribution program. In March, FTX planned a $2.2 billion payout, its fourth distribution under the Chapter 11 plan.
A Wintermute transfer does not necessarily mean the ether will appear immediately on public exchange order books. The market maker could hold the assets as inventory, hedge exposure or execute a sale over time.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Asanat Analysis — Why it matters
The $75M Ether transfer from FTX/Alameda wallets to Wintermute signals continued liquidation of seized assets by the bankruptcy estate. Wintermute, a major market maker and liquidity provider, typically receives large transfers for either OTC execution or market-making services. The absence of immediate confirmation on purpose or sale mechanics is notable—this could indicate either a custody arrangement ahead of structured selling, or preparation for market-making activity to reduce execution slippage on larger liquidations.
FTX's bankruptcy proceedings have recovered ~$8B in assets since collapse, with crypto holdings now being systematically converted to USD for creditor repayment. Large single transfers to established counterparties like Wintermute represent a shift from earlier periods when concentrated holdings created significant market impact risk. This transfer pattern suggests the estate is optimizing for execution quality rather than speed, which typically stabilizes prices better than panic sales—though the crypto market will parse each large move as a barometer of overall liquidation velocity.