Genesis Moves $1.5 Billion in BTC and ETH, Fueling Market Fears

Genesis Trading moved over $1.5 billion in BTC and ETH this morning, sparking fear of increased sell pressure amongst market participants.

Wallets linked to Genesis Trading, a centralized crypto lending platform which went bankrupt in 2023, moved over 16,000 BTC and 166,000 ETH, according to Arkham Intelligence.

I It’s likely that the funds are being used to repay creditors in the face of Genesis’ bankruptcy, Arkham said.

Bitcoin is down 7% to $62,958 in the past seven days.

The move comes amid a summer littered with mass selling from known entities. The German government sold nearly $2 billion in BTC in July. Mt. Gox has continued its repayments to victims, sending $3.1 billion to BitGo on July 30.

Genesis, a former arm of Barry Silbert’s Digital Currency Group, filed for Chapter 11 bankruptcy in January 2023.

The dominoes began to fall for Genesis after Three Arrows Capital, who owed Genesis over $2 billion, collapsed in 2022. Genesis was also charged by the Securities and Exchanges Commission (SEC) with the unregistered offering and sale of crypto asset securities.

The firm settled an agreement with the court on May 17 to return roughly $3 billion in repayments to its customers.