The collapsed crypto exchange sells these coins

Insolvency administrators were able to save around 3.4 billion US dollars in various cryptocurrencies in the year after the FTX collapse. After a court ruling in September, they now want to sell them. The goal: to compensate customers with the proceeds. Up to 90 percent of the lost funds could reach their rightful owners again. To do this, however, FTX must achieve the “best possible result,” as the bankruptcy court specifies. In other words: earn high profits from the sales and ideally without letting the respective cryptos collapse under the selling pressure.

It was therefore to be expected that those responsible would wait for a market rally in order to sell into the strength. As on-chain data shows, that’s exactly what appears to have happened as Bitcoin surged to $35,000. Large amounts of various altcoins have apparently flowed from FTX wallets to crypto exchanges in the last few days. Among the tokens that are likely to be sold off, the strongest altcoin performers are, logically, Solana and Chainlink. What are the effects on the respective coins and the entire crypto market? And will further sales follow?

Read more with BTC-ECHO Plus+

  • Unlimited access to Plus+ content

  • Exclusive articles and analysis

  • Across devices (web & app)

  • Much less advertising

You can read these and many other articles with BTC-ECHO Plus+

source site-17