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Alameda Research Liquidates Ethereum-Based Token

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Today’s Cryptocurrency Headline

On-chain data cited by crypto research firm Arkham Intelligence suggested $1.7 million worth of tokens from Alameda-linked wallets were sold in the open market over several hours on Wednesday. Multiple tokens including USDC, DAI, CRV, ETH, and CVX were merged from several wallets into two wallets and then sold for USDT. The holdings were then converted into bitcoin (BTC) using swapping services like FixedFloat and ChangeNow. According to Arkham Intelligence data, Alameda still holds over $112 million worth of various cryptocurrencies, down from $140 million held in mid-November.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin is up 0.36% over the last 24 hours and rose to an intraday high of $16,660.00. The largest cryptocurrency continues to trade between $16,500 and its 20-day exponential moving average (EMA) of $16,822, suggesting investors are still not active. If the price turns down and slips below $16,500, the selling could pick up pace and the BTC/USDT pair could fall to the $16,000 to $15,476 support zone.

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