Will FTX's Pressure on Bitcoin and Altcoins Continue? Matrixport Evaluated!

FTX, the cryptocurrency exchange that unexpectedly went bankrupt in November 2022, announced in the documents submitted to the court yesterday which crypto assets it currently has and what their value is.

While this statement triggered the decline in Bitcoin and altcoins, an FTX assessment came from the investment company Matrixport.

According to Coindesk's report, Matrixport research head Markus Thielen stated that FTX-induced selling pressure in BTC and altcoins may continue, and said that FTX is likely to sell crypto assets worth at least $ 3.4 billion.

Stating that this sale possibility paints a negative picture for altcoins for the rest of the year, Thielen said, “FTX said that it wants to sell crypto assets worth $ 200 million a week.” said.

While this situation was interpreted as meaning that FTX will continue to sell its cryptocurrency assets until the end of 2023, Markus Thielen pointed out that FTX is not the only major seller in the market.

“The selling pressure in Bitcoin and altcoins is not only caused by FTX. Because, apart from FTX, crypto risk capital (VC) funds appear as sellers in the market.

At this point, VC funds are also under great pressure to return their investors' money.

“These VC funds will likely remain significant sellers of altcoins and continue to liquidate their altcoins.”

Finally, stating that Solana (SOL) is not the only altcoin affected by the potential selling pressure of FTX and VC funds, Thielen said that APE is also under selling pressure.

Accordingly, Thielen pointed out that VC funds have a large amount of APE and also underlined that there will be a lock opening in APE on September 17.

“There is an unlock in APE on September 17. The tokens to be unlocked will constitute 11% of the supply.

Following the unlocking of the 4.2% APE on August 17, prices had fallen 24%. Prices are expected to continue falling as the lock opening on September 17 is larger.”

*This is not investment advice.