Arkham’s intelligence dashboard revealed that FTX’s sister company Alameda Research sold $284 million worth of stablecoins to crypto exchanges between Oct. 31 and Nov. 2, according to data analyzed by CryptoSlate.

The market maker sold $168 million worth of USDT to FTX. It sold $66 million USDP to Binance and $50 million USDC to Circle.

The massive outflows are coming before the Federal Open Market Committee (FOMC) meeting. The Federal Reserve is expected to raise the interest rates by 0.75% for the fourth time.

CryptoSlate research stated that the high rates might be necessary to curb inflation that could increase even further as households tap into their cash savings.

FTX’s (FTT) token comprises the majority of the crypto holdings of Alameda Research, Coindesk reported Nov. 2.

According to the report, Alameda holds roughly $5.82 billion worth of FTT tokens -the trading firm holds $3.66 billion worth of “unlocked FTT” and $2.16 billion worth of “FTT collateral.”

The firm also has $292 million of “locked FTT” among its $8 billion liabilities.

The report stated that Alameda also held a significant amount of Solana (SOL) tokens.  The crypto trading firm holds “$292 million of ‘unlocked SOL,’ $863 million of ‘locked SOL’ and $41 million of ‘SOL collateral.'”

Meanwhile, the Alameda statement reportedly stated that the values of locked tokens should be “conservatively treated at 50% of fair value marked to FTX/USD order book.” Going by this, the value of the tokens might be much lower.

The post Alameda sells over $200M in stablecoins to exchanges; FTT token comprises majority of its $14B in assets appeared first on CryptoSlate.

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