Alameda’s $1.92M BTC transfer tests crypto markets – Can Bitcoin hold firm?

It appears that September is on track to start with history making a comeback.

Three years ago, Bitcoin [BTC], which belonged to the FTX/Alameda complex, was seized. Today, a small portion of this Bitcoin has changed hands for the second time, thereby re-entering circulation and provoking market frenzies about the future of the broader Bitcoin market.

Arkham Intelligence has tracked this transaction. Meanwhile, Lookonchain highlighted the movement. As per the tweet, the wallet “FTX Alameda Seized Funds” sent 24.41 BTC ($1.92 million) to another wallet. 

Naturally, the influence of this deal could be a sign of Bitcoin’s first real test of this cycle.

From a technical standpoint, BTC is ready to close the month of August in green, thus ending the four-year-long narrative of negative returns for the month. The main argument for this scenario is that the cryptocurrency managed to rally by 25% this month, which is enough for BTC to deliver the best monthly ROI since the 2017 cycle, pointing to strong momentum heading into September.

In short, increased FOMO throughout the rest of the Q3 has the capacity to offset potential selling pressure from the Alameda-related activity. Moreover, if the demand is indeed there, it might very well act as an inflection point for Bitcoin, setting the tone for the rest of the H2 cycle.