FTX’s plans to sell $3.4 billion worth of its crypto holdings, including SOL, ETH, and BTC.
FTX aims to sell $200 million worth of crypto assets weekly.
ApeCoin would face a potential impact on Sep 17, with 11% of outstanding tokens set to unlock.
The cryptocurrency market has once again experienced a significant surge in volatility following the news of FTX’s impending sale of its crypto holdings, totaling $3.4 billion. This move has placed immense selling pressure on FTX’s major holdings, including Solana (SOL), Ethereum (ETH), and Bitcoin (BTC).
FTX administrators have successfully recovered approximately $7 billion in assets, with $3.4 billion of this value being held in cryptocurrencies. According to recent filings, a court hearing scheduled for Wednesday will evaluate a proposal to initiate token sales as part of the creditor repayment plan.
Altcoins at Risk
FTX intends to liquidate at least $3.4 billion worth of cryptocurrencies to facilitate the return of fiat currency to
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