FTX, the crypto exchange that went from Wall Street darling to dumpster fire in less time than it takes for a Dogecoin meme to go viral, is causing some angst in the crypto markets again. 👿
There’s a bunch of crypto news highlighting an incoming $3.4 billion in crypto assets, but for some reason, all crypto media is using values from January 17, 2023.
So, let’s talk numbers using the adjusted values for today. Some of the biggest holdings are:
- Solana ($SOL) – approx. $495 million
- FTX Token ($FTT) – approx. $238 million
- Bitcoin ($BTC) – approx. $296 million
- Ethereum ($ETH) – approx. $86 million
An additional $1.11 trillion in assets are tucked away in other 3rd party wallets. Crypto X (Twitter) rumors suggest that FTX may sell between $100 – $200 million a day starting September 13, 2023.
Despite crypto volumes still at near four-year lows, the average trading volume of the top 10 cryptocurrencies (excluding stablecoins) by market cap is roughly $23.5 billion/day.
No idea how they’re going to sell the FTX Tokens, but there will likely be some big players already making calls to nomnomnomnomnom some of their crypto holdings off the market. 🥠