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crypto sell pressure

Huge Crypto Dump Incoming As FTX Plans To Sell Altcoins Worth $4.6B

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Altcoins, Solana
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Even though the FTX bankruptcy was two months ago, the issue is far from over for the crypto industry. Currently, new FTX CEO John Ray and his team are working to find as many liquid assets as possible to make up for the customer losses.

As Bitcoinist reported yesterday, they have managed to recover around $5 billion in liquid assets. “We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities,” Andy Dietderich, an attorney for FTX said Wednesday in U.S. Bankruptcy Court in Delaware.

Massive Crypto Dump Coming?

What may have been even more noteworthy was Dietderich’s statement that FTX plans to dump non-strategic holdings with a book value of $4.6 billion, which could lead to tremendous selling pressure in the crypto market.

While Dietderich also stressed that the legal team is still working to create accurate internal records, which could mean that the sale will be pushed back a bit, the liquidators could also take a staggered approach to the process.

Related Reading: Gemini Puts An End To The Crypto Earn Program Amidst DCG Fallout

The FTX lawyer also revealed that the recovered funds do not include the assets seized by the Bahamas Securities and Exchange Commission, which Dietderich estimates at only $170 million, while Bahamian authorities put the value as high as $3.5 billion. That’s because the funds primarily consist of the illiquid FTT tokens, Dietderich said.

Which Altcoins Could Be Hit The Hardest?

Coinbase director Conor Grogan has been looking through all wallets to determine which altcoins FTX still owns. The largest crypto position, according to Grogan, is Solana (SOL), of which FTX owns more than $700 million. To this, however, the Coinbase director notes that most of them are locked, so he is not sure why they might have counted them.

This is followed by $575 million in FTT, $371 million MAPS, $127 million OXY, $90 million WBTC, $82 million BONA, and around $500 million “in other random” Solana-based (SPL) tokens.

“My simple model is that the estate wants a ‘win’ and good publicity to talk through all the progress they’ve made,” Grogan claimed and continued on to say that in his opinion, the $5 billion figure is far too high for what could be sold on an open market.

Related Reading: Is Elon Ditching Dogecoin? Twitter Prepares To Launch ‘Coin’ Feature

At the same time, Grogan acknowledged that the $4.6 billion is likely not just altcoins, but also Robinhood shares, other stocks, and real estate. “400 million in Robinhood is a significant number that is probably fairly valued. The rest… Hard to say,” the Coinbase director said.

Meanwhile, the on-chain analysis service “Lookonchain” has drawn attention to the Alameda assets receiving wallet, which received 30 million USDC from “Alameda Research 25” a few hours ago.

The wallet currently holds crypto worth $167 million, including 100 million BIT ($46.6 million), 41 million USDT, 31.8 million USDC, 17,177 ETH ($24 million), 4.6 million SUSHI ($5.2 million), 10 million WXRP ($3.76 million), 6.86 million RNDR ($3.2 million), and 6.86 million SRM ($1.6 million).

At press time, the Solana (SOL) price stood at $16.27. The price almost doubled since the bottom at $8.16 on December 29.

crypto news SOL USD
SOL has almost doubled in price since the bottom | Source: SOLUSD on TradingView.com

Featured image from 3844328 / Pixabay, Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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