Addresses identified as belonging to the FTX liquidation estate and Alameda Research moved up to 27,373 ether, valued at approximately $75 million, toward digital asset market maker Wintermute, according to reports from two onchain data analysts.
PeckShieldAlert highlighted a transaction involving 23,639 ether, worth around $65 million, moving early Wednesday from an address linked to Alameda Research and the FTX bankruptcy estate into a Wintermute address. Meanwhile, onchain researcher EmberCN noted in a post on X that six separate wallets transferred a cumulative total of 27,372 ether over to Wintermute. EmberCN followed the transactions and published details regarding the Wintermute wallet activities utilizing the Arkham intelligence platform.
This variance between the observations of the two blockchain tracking entities implies that PeckShield’s notification focused on the single largest transaction, whereas EmberCN aggregated multiple distinct movements. The primary portion of these funds consisted of 23,639 ether routed to a designated “Wintermute” tag on Etherscan.
Shifting tokens to a market maker or an over-the-counter desk can imply that the owner plans to liquidate or hedge a substantial holding without depositing it directly onto an exchange. Nevertheless, the blockchain records do not confirm whether Wintermute has actually liquidated the ether, nor do they prove the transaction was executed to finance payments for creditors.
Wintermute did not immediately reply to an inquiry from CoinDesk seeking verification and additional details. The FTX Recovery Trust has not issued any public announcements concerning these token transfers.
Throughout the multi-year wind-down process of the estate, FTX and Alameda wallets have frequently transferred digital assets to various trading platforms. This recent transaction aligns with the trust’s ongoing initiatives to distribute funds to creditors. Back in March, FTX scheduled a disbursement of $2.2 billion, marking its fourth round of distributions under the Chapter 11 framework.
Routing assets through Wintermute does not guarantee that the ether will immediately show up on public exchange order books. The market maker might retain the tokens as part of its reserves, hedge its market exposure, or systematically sell the assets over an extended timeframe.
Originally published at https://www.coindesk.com/business/2026/09/23/ftx-alameda-linked-wallets-send-usd75-million-in-ether-to-wintermute-onchain-data-shows.
