FTX Will Sell Huge Amounts Of Crypto In The Coming Weeks—Here’s A List Of Assets At Risk• November 15, 2023 3:41 pm • Comments
FTX will reportedly be dumping $100 million in crypto payments per week over the next several weeks.
The now-defunct exchange is engaging in liquidations in order to pay creditors and reimburse former clients of the platform. While this is necessary and just, it has set off alarm in the crypto world.
Many fear that the continued sell-off of FTX assets will depress the markets for those specific assets.
FTX primarily holds Bitcoin, Ethereum, Solana, Aptos, and XRP—if you plan on short-term trading of these assets it may be worth keeping an eye on FTX’s unloading schedule. Long-term investors need not worry about short-term price movements.
The community on Elon Musk’s X social media platform primarily focused on Solana, which already experienced a temporary 7% dip due to sell-off pressures, and how the FTX sell-off was affecting the price of the altcoin:
🌟FTX now only has 3,408 SOL ($179k) in liquid assets, while holding 42.2m SOL ($2.19bn) in a lockup, with most coins frozen until 2027-2028. pic.twitter.com/8LITx9q6cO
— Premium Airdop 🚀 (@AirdopPremium) November 15, 2023
The total value of cryptocurrencies sold by the exchange reached $438m. As a result, FTX now only has 3,408 SOL… pic.twitter.com/DvE9nPXbVI
— Telo News (@TELO_OFFICIAL) November 14, 2023
Finbold broke down FTX’s portfolio allocation:
The company’s second and third largest holdings come in the form of Bitcoin (BTC) and Ethereum (ETH) – $742 million and $226 million respectively. On the plus side, the sale of the two cryptocurrencies isn’t likely to send shockwaves across the market as FTX’s BTC and ETH represent approximately 0.1% of their total circulating supply.
Crypto Slate explained: “The bankrupt crypto firm FTX has been rapidly divesting its holdings, moving over $300 million in assets. Solana makes up more than half of these transfers.”
— CryptoSlate (@CryptoSlate) November 14, 2023
Solana Price Regains Momentum As FTX Sell-Off Ends
— Forex Network I BIPNs.com (@ForexBipns) November 14, 2023
According to Forbes:
Current FTX leadership under CEO John Ray has recovered more than $7 billion of what was originally a missing $8.7 billion, and the company has sufficient assets to pay customers most of what they are owed.
According to Forbes analysis FTX is sitting on about $2.6 billion of Solana and bitcoin and another $1.7 billion in other cryptos.
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