The FTX bankruptcy estate transferred 27,372 ETH worth roughly $75.32 million to market maker Wintermute on Tuesday, according to onchain analysts. The transfer was routed through six separate wallets, with onchain trackers flagging a 23,639 ETH tranche valued at $65.05 million as part of the operation.
Ether was trading near $2,750 as of September 23, up 1% on the day and 15% across the week, with a market capitalization exceeding $338 billion. Bitcoin gained 14% over the same seven-day period.
Why Use a Market Maker?
Wintermute operates as an over-the-counter (OTC) desk. Estates typically route large positions through such desks to avoid moving prices against themselves in open order books. A $75 million sale executed directly would create visible price impact and invite front-running. By using a market maker, the position can be distributed across days in sizes the market absorbs gradually.
The trade-off is that the estate accepts lower execution prices in exchange for certainty. Previously, FTX sold Solana at $64 per SOL for $1.9 billion, a discount that drew creditor scrutiny. Estate sales prioritize execution certainty over maximizing returns.
Distribution Pipeline
Since the FTX liquidation, the Recovery Trust has completed five distribution rounds totaling roughly $11 billion to creditors. The fourth distribution paid out approximately $2.2 billion on March 31, while the fifth released roughly $900 million on July 3.
The estate has been steadily converting holdings to support this repayment pipeline. Recent conversions tracked include $16 million in Solana transfers tied to repayments, $8.6 million moved to Binance, and an earlier $5 billion transferred to wallets.
