FTX and its sister company Alameda Research have been spotted on-chain making token deposits to crypto exchanges this week.

Blockchain data firm Spot On Chain found that wallet addresses related to the two companies consolidated tokens in a wallet address starting with “0xde9,” which transferred the funds to crypto exchanges Binance and Coinbase.

The addresses sent 2,904 ETH worth $5.21 million, 1,341 MKR worth $2.01 million, 11,975 AAVE worth $1.02 million and $198,807 LINK worth $2.27 million to the address, and all the transfers were executed within a five-hour period.

The transfers come at a time when the crypto market has been moving higher, with Bitcoin, in particular, gaining 22% over the last seven days. The rally has largely been attributed to optimism around the potential approval of a spot Bitcoin ETF – some market analysts, like Bloomberg’s James Seyffart and Bitwise CIO Matt Hougan believe that an ETF launch will come no later than January 10.

Incidentally, when the court approved FTX to sell and hedge its crypto assets in September, markets sold off on the news. FTX was given the green light to sell $50 million worth of assets in the first week, and a $100 million in each week that follows.

FTX has been approved to liquidate its $3.4 billion worth of crypto assets, most of which is concentrated in Solana and Bitcoin.