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Crypto

$1.9 Billion In FTX Payouts To Hit Crypto Market Soon, Here’s When

Scott Matherson
by Scott Matherson
1 month ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

$1.9 billion in FTX repayments could soon enter the crypto market, providing a bullish outlook for crypto prices. This follows an announcement by the estate of the defunct exchange regarding the resolution of undisputed claims, clearing the way for the next repayments.  

The Market Awaits Next FTX Payouts Of $1.9 Billion

In a press release, FTX announced that it has received authority from the Bankruptcy Court to reduce the disputed claims reserve by $1.9 billion, providing a green light for the next repayments. The defunct exchange will release this cash for distribution to holders of allowed claims. This is bullish for the crypto market as these holders could inject this cash into crypto assets. 

Related Reading: US White House To Release First Crypto Policy Report Tomorrow — What To Expect

According to the press release, the next distribution is expected to commence on or about September 30 later this year. Before then, the record date for the next distribution will be August 15 for holders of allowed claims. It is worth noting that this marks the third FTX repayment that the crypto market has witnessed.

The first FTX repayment of $1.2 billion was in February earlier this year, while the second was in May when the Bankruptcy Estate distributed $5 billion. This next distribution will be made by FTX’s Distribution Service Providers, including BitGo, Kraken, and Payoneer. Popular FTX creditor Sunil Kavuri also commented on this development. 

In an X post, Sunil stated that the distribution will be made to FTX claims that are above $50,000. Meanwhile, repayments will be made to claims below $50,000 that have been allowed since the record date. Class 6 General Unsecured Claims will also receive a portion of the $1.9 billion repayment. 

May Payout Coincides With Crypto Prices Rally

Notably, the May FTX repayment coincided with the crypto market rally that month, when the Bitcoin price reached a new all-time high (ATH), while altcoins also hit new local highs during that period. As such, this next payout could again spark another rally for the BTC and other digital assets. 

Related Reading: The Final Bitcoin Act: Here’s What To Expect As BTC Trends Sideways

Moreover, the September repayment also coincides with when analysts like Titan of Crypto predict that Bitcoin could reach a new ATH. In an X post, Titan of Crypto shared an analysis that showed BTC could hit the $144,000 target in September. In the meantime, he suggested that a retest of the inverse Head-and-Shoulders pattern could happen before then. 

Bitcoin
Source: Titan of Crypto on X

Meanwhile, the September FTX repayment would also coincide with the period when the Federal Reserve is meant to make its first rate cut this year, another bullish factor for the crypto market. As such, these developments could together spark a parabolic uptrend for the Bitcoin price and altcoins. Standard Chartered and Bitwise have both predicted that BTC could reach as high as $200,000 by the end of the year.

Crypto
Overall crypto market cap at $3.32 trillion | Source: TOTAL on Tradingview.com
Featured image from Adobe Stock, 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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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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