Crypto Firms Transfer ARB, ETH and BTC to Crypto Exchanges to Intensify Crypto Sell-Off

Monday witnessed significant fluctuation in the crypto market as top crypto assets went below the low line maintained in the last three months. Bitcoin (BTC) further slid beneath the low line and Ethereum (ETH) is also has reached its weakest since March 2023.

Abraxas Capital, Wintermute and Jump Trading have recently deposited an enormous amount of Arbitrum’s ARB, Ethereum (ETH) and Bitcoin (BTC) to different cryptocurrency exchanges. According to the blockchain-shared data, this transference of tokens was carried out on Monday amid a market sell-off.

Abraxas Capital, a UK-based asset manager has transferred ether (ETH) 14,130 tokens worth $22.5 M into two transactions to the renowned cryptocurrency exchange Bitfinex. This was disclosed in a tweet by an analytical blockchain firm Arkham Intelligence.

On the other hand, Arkham Intelligence reported that Jump Trading, the market maker has transferred a total of 236 Bitcoin (BTCs) worth $5.9 million in a single transaction to Binance exchange. Lookonchain, the blockchain sleuth has shared that another significant market maker, WIntermuke has also deposited ARB to Binance worth more than $3.3 in the last hours.

Smaller traders usually follow the suit being followed by on-chain manoeuvres to be on the safe side.  It is believed that giant financial institutions are well-informed about the market and take safe and progressive steps.  So, this could be to intensify the market sell-off or to just transfer the digital assets across the different crypto exchanges for the sake of maintaining liquidity.  

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Sending tokens across different crypto exchanges has alerted the smaller traders who are now observing and following the suit of larger institutional traders. Today, many traders moved their digital assets because the crypto market went down a lot. They were worried that the FTX exchange might sell $3.4 billion worth of digital assets. September has been a tough month for digital assets, with Bitcoin losing value every year since 2016.