Key Points
The main beneficiary of the Genesis Trading bankruptcy process has recently engaged in a substantial sell-off of Ethereum (ETH).
Data provided by Arkham Intelligence indicates that the creditor sold 12,100 ETH, valued at $31.43 million, in just three days.
This action follows a significant repayment received from Genesis Trading during its liquidation in August.
Largest Creditor’s Sell-Off
The creditor, identified by wallet address 0x999…46E, was the largest beneficiary of the Genesis Trading creditor repayments.
On August 2, this wallet received 114,502 ETH, worth $358.19 million at the time.
Despite possessing a significant portion of the liquidation proceeds, the creditor has started to sell a substantial amount of their allocation.
The sell-off commenced on September 23, when the wallet began transferring ETH to FalconX, a prominent institutional cryptocurrency brokerage firm.
Over the following days, the creditor transferred a total of 12,100 ETH, with the most recent transaction taking place on September 25 at 15:39 UTC.
This last transfer involved 7,099 ETH, valued at $18.56 million.
The large-scale liquidation is happening amidst ongoing market uncertainties.
Notably, Ethereum has been experiencing sideways movements since its rapid rise from September 17 to 21.
The asset has been fluctuating between $2,529 and $2,703 over the past five days.
However, the recent sales by the Genesis creditor could potentially instigate a selling trend in the market.
Genesis filed for bankruptcy in 2023 after facing several challenges, including turbulence within its parent company, Digital Currency Group.
As part of its Chapter 11 bankruptcy proceedings, Genesis began repaying its creditors last month, distributing approximately $4 billion in crypto assets to those affected.
The creditor in question received the largest repayment from the liquidation.
