Nikolas Sargeant
TL;DR
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Wallets labeled as belonging to the FTX bankruptcy estate and Alameda Research transferred up to 27,373 ETH to Wintermute.
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The transferred ether was worth approximately $75 million at the time of the transactions.
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PeckShield identified a 23,639 ETH transfer, while EmberCN counted several transactions totaling 27,372 ETH.
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Sending assets to a market maker can precede a sale or hedge, but the blockchain data does not confirm that the ETH was sold.
Wallets attributed to the FTX bankruptcy estate and Alameda Research transferred as much as 27,373 ether, worth approximately $75 million, to cryptocurrency market maker Wintermute, according to onchain analysts.
The transactions occurred early Wednesday and raised speculation that the estate could be preparing to sell or hedge part of its ETH position as it continues winding down assets and making creditor distributions.
However, the available blockchain data only shows that the ether moved to a wallet labeled as belonging to Wintermute. It does not reveal whether the assets were sold, retained as inventory, or transferred for another purpose.
Analysts Track Up to 27,373 ETH in Transfers
Blockchain security firm PeckShield flagged the movement of 23,639 ETH, valued at roughly $65 million, from an address labeled as belonging to Alameda Research and the FTX bankruptcy estate.
#PeckShieldAlert #Alameda Research/ #FTX Bankruptcy - labeled address has transferred 23.6K $ETH (worth ~$65M) to #wintermute (0xCe8) pic.twitter.com/ydg2v1oM3s
— PeckShieldAlert (@PeckShieldAlert) September 23, 2026
The funds were sent to an address identified as a Wintermute wallet. A separate analysis from EmberCN found that six wallets transferred a combined 27,372 ETH to the market maker. EmberCN traced the transactions and shared the receiving wallet’s subsequent activity through the Arkham Intelligence platform.
FTX / Alameda Research 的资产清算团队也趁最近加密反弹了不少，又出来卖资产了：
— 余烬 (@EmberCN) September 23, 2026
3 小时前通过 6 个钱包把 27,372 枚 ETH ($7532 万) 转去了 Wintermute，应该是委托他们在进行出售。https://t.co/PW0AVRW4VJ
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The difference between the two figures does not necessarily represent a contradiction. PeckShield appears to have highlighted the largest individual transaction, while EmberCN counted several related transfers from multiple wallets.
The biggest single movement involved 23,639 ETH sent to an address labeled “Wintermute” on blockchain explorer Etherscan.
Adding the smaller transactions produces a total of approximately 27,373 ETH, depending on how the transfers and rounding are counted.
Wallet labels provided by blockchain analytics platforms are based on transaction patterns, public disclosures, and other attribution methods. They are widely used for tracking institutional activity, but they should not be treated as equivalent to confirmation from the entities involved.
Wintermute Transfer Raises Sale and Hedging Questions
Moving a large cryptocurrency position to a market maker can indicate that its holder is preparing to sell, hedge, or restructure its exposure.
Market makers facilitate trading by providing liquidity and maintaining inventories of assets. They can also help institutional clients execute large transactions through over-the-counter arrangements rather than placing the entire position on a public exchange.
An OTC sale can reduce the immediate impact on visible exchange order books because the transaction is negotiated privately. The market maker may subsequently hedge or distribute the position gradually.
Wintermute could also hold the ETH as inventory, use derivatives to offset the exposure, or return the assets after completing a separate service.
For those reasons, the transfer alone is not proof that the FTX estate sold $75 million in ether. Blockchain records show where the assets moved but not the commercial agreement or intention behind the transaction.
There is also no public evidence that the transfer was made specifically to finance creditor repayments.
FTX Estate Continues Multiyear Asset Wind-Down
FTX and Alameda-linked wallets have previously transferred digital assets to exchanges and institutional counterparties during the estate’s multiyear liquidation process.
The bankrupt exchange has been converting assets, resolving claims and distributing funds under its Chapter 11 restructuring plan.
In March, FTX planned a $2.2 billion creditor payout, representing the fourth distribution under the bankruptcy plan. The latest ETH transfers occurred against the backdrop of that continuing repayment program, although no direct connection between the transactions and a specific distribution has been established.
Bankruptcy estates often need to convert assets into cash or other forms suitable for creditor payments. They may also hedge volatile holdings to reduce the risk that market movements change the amount available for distribution.
FTX’s remaining digital-asset transactions are therefore likely to attract continued attention from traders, particularly when they involve large holdings or major market makers.
