FTX Estate Transfers $75 Million of Ether to Market Maker Wintermute

On September 23, 2026, the liquidation team for the FTX bankruptcy estate transferred 27,372 ETH—worth roughly $75.32 million—to the over‑the‑counter market maker Wintermute. The movement was split across six separate wallets, according to on‑chain analyst EmberCN.

Why Use a Market Maker?

Wintermute operates an OTC desk, allowing large holders to sell without flooding public order books. By routing the Ether through a market maker, the estate can unwind the position over several days, reducing price impact and front‑running risk. This approach sacrifices some upside potential for execution certainty, a trade‑off previously noted by creditors.

Current Ether Market Conditions

Ether is trading near $2,750, up about 1 % on the day and 15 % over the past week, with a market cap exceeding $338 billion. Bitcoin has risen 14 % in the same period. The improved market environment provides a stronger backdrop for the estate’s sales compared with earlier, weaker‑price periods.

Implications for Creditors

The FTX Recovery Trust has already distributed roughly $11 billion to creditors across five rounds. Recent distributions include $2.2 billion on March 31 and $900 million on July 3. Ongoing Ether sales, such as the $75 million tranche, are intended to fund further payouts.

On‑Chain Activity Highlights

• Other trackers reported a 23,639 ETH deposit valued at $65.05 million as part of the same operation.
• An OTC whale accumulated 15,000 ETH (about $41.26 million) on the same day, raising its total position since July to 52,000 ETH.

Continued large‑scale Ether sales could influence market dynamics if they persist while prices rise.