Genesis creditor has already sold 12,100 ETH amid a major liquidation

The largest recipient of the Genesis Trading bankruptcy proceedings has recently been involved in a major ethereum sell-off.

According data According to data provided by Arkham Intelligence, the creditor has sold 12,100 ethereum (eth) worth $31.43 million in just three days. This transaction comes shortly after receiving a massive refund from Genesis Trading as part of its liquidation process in August.

The creditor with wallet address 0x999…46E received the largest compensation during Genesis Trading creditor repayments.

On August 2, 114,502 eth were credited to this wallet, which at the time had a total value of $358.19 million. Despite holding a substantial portion of the liquidation proceeds, the creditor has already begun selling a significant amount of its allocation.

The sale began on September 23, when the wallet initiated eth transfers to FalconX, a leading institutional cryptocurrency brokerage firm.

In the following days, the creditor transferred a total of 12,100 eth, with the most recent transaction occurring on September 25 at 15:39 UTC. This latest transfer alone involved 7,099 eth valued at $18.56 million.

The large-scale sell-off coincides with the current market uncertainties. It is worth noting that ethereum has been subject to sideways movements since it recorded a rapid surge from September 17 to 21.

The asset continues to move within a range of $2,529 and $2,703 over the past five days. However, recent sales by Genesis creditor could trigger a trend of selling pressure in the market.

Recall that Genesis filed for bankruptcy in early 2023 following a series of setbacks, including the turbulence faced by its parent company, Digital Currency Group.

As part of its Chapter 11 bankruptcy proceedings, Genesis began paying its creditors last month, distributing around $4 billion worth of crypto assets to those affected. The creditor in question received the largest refund from the liquidation.