Ethereum

Genesis

Impact

Million

when

<ul>
 <li>Genesis Trading's largest creditor sold 12,100 Ethereum, worth $31.43 million, over three days after receiving liquidation proceeds.</li>  
 <li>The creditor received 114,502 ETH, valued at $358.19 million, in August, marking the largest payout in Genesis Trading's bankruptcy process.</li>  
 <li>The sell-off, coinciding with Ethereum's sideways market movements, could trigger broader market pressures amid ongoing crypto uncertainty.</li> 
</ul>  
<p>A significant Ethereum sell-off has emerged following the liquidation of Genesis Trading, one of the largest cryptocurrency lenders that filed for bankruptcy earlier this year.&nbsp;</p>  
<p>Notably, the largest creditor of Genesis Trading has offloaded 12,100 Ethereum, worth $31.43 million, within just three days. This transaction has raised eyebrows in the crypto market as the sell-off comes shortly after receiving a substantial repayment from Genesis' liquidation process.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/WuBlockchain/status/1839211410410320032
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-genesis-trading-bankruptcy-sparks-ethereum-liquidation"><strong>Genesis Trading Bankruptcy Sparks Ethereum Liquidation</strong></h2>  
<p>On August 2, the creditor, identified by the wallet address 0x999...46E, <a href="https://cryptonewsland.com/genesis-trading-moves-126-million-in-ethereum-amidst-market-uncertainty/" target="_blank" rel="noopener noreferrer nofollow">received</a> 114,502 Ethereum, valued at $358.19 million, as part of the bankruptcy proceedings. This was the largest payout in Genesis Trading’s liquidation process, which began in August after the firm filed for Chapter 11 bankruptcy earlier this year.&nbsp;</p>  
<p>However, less than two months later, the creditor started to sell a significant portion of its Ethereum holdings. The sell-off began on September 23, with the first transfer of ETH directed to FalconX, a cryptocurrency brokerage firm. Over the next few days, the creditor transferred a total of 12,100 ETH, concluding the transaction on September 25.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-ethereum-market-faces-uncertainty-amid-large-scale-sell-off"><strong>Ethereum Market Faces Uncertainty Amid Large-Scale Sell-Off</strong></h2>  
<p>Notably, this liquidation comes at a time when Ethereum has experienced a period of sideways trading, with prices fluctuating between $2,529 and $2,657 over the past week. The sell-off by the Genesis creditor has fueled concerns that this could lead to additional market pressure, particularly as the cryptocurrency market faces broader uncertainties.&nbsp;</p>  
<p>Additionally, Ethereum saw a short-lived price spike between September 17 and 21, but it quickly returned to its previous range. The recent sale of Ethereum by one of Genesis' major creditors could further challenge the asset’s stability, particularly as other institutional players might follow suit.</p>  
<h2 class="wp-block-heading" id="h-potential-impact-on-ethereum-prices-and-broader-crypto-market"><strong>Potential Impact on Ethereum Prices and Broader Crypto Market</strong></h2>  
<p>Moreover, the timing of this large-scale sale has led to speculation about its potential impact on the market. Ethereum remains a major asset for institutional investors, and any <a href="https://cryptonewsland.com/genesis-transfers-1-5-billion-in-crypto-how-this-could-impact-ethereum-prices/" target="_blank" rel="noopener noreferrer nofollow">significant</a> movement could trigger a broader sell-off. Although Ethereum has remained resilient in recent months, the asset’s ability to maintain stability could be tested by this development.&nbsp;</p>  
<p>Therefore, the bankruptcy of Genesis Trading, coupled with its creditor's large Ethereum transactions, highlights the ongoing uncertainty in the cryptocurrency space. As more creditors receive their liquidation payouts, the market could face additional waves of sell pressure, particularly if other large creditors decide to follow a similar path.</p> 
<p>The post <a href="https://cryptonewsland.com/genesis-trading-creditor-sells-31-43-million-in-ethereum-over-three-days/" rel="noopener noreferrer nofollow">Genesis Trading Creditor Sells $31.43 Million in Ethereum Over Three Days</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Genesis Trading Creditor Sells $31.43 Million in Ethereum Over Three Days

Table of Contents

Crypto News Land

Other articles published on Sep 26, 2024

WARNING: Is a Massive Crypto & Bitcoin Shakeout Imminent!?

DeltaPrime DeFi Protocol Lost $5.9M in Ongoing Exploit: Report

Crypto: Visa Is Preparing A Pilot Project For Tokenized Assets On Ethereum In 2025!

What is SegWit? Mastering Bitcoin’s Transaction Efficiency Hack

XRP Lawsuit: Ex-SEC Reveals Agency’s Appeal Strategy As Deadline Nears

Assetera Launches Regulated Tokenized Asset Market on Polygon

Join our free newsletter for daily crypto updates!