Ethereum

Solana

<div class="dailyhodl"> 
 <p>Analytics firm IntoTheBlock is warning that one bankrupt crypto firm holding billions of dollars in digital assets could trigger cascading prices.</p> 
 <p>In a report, IntotheBlock’s Lucas Outumuro says that traders are selling their holdings out of fear that the now-defunct crypto exchange FTX could liquidate their massive digital asset trove worth $3 billion.</p> 
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">    
 </div> 
 <p>Outumuro zeroes in on Ethereum (ETH) and its rival Solana (SOL), two crypto assets that make up a significant part of FTX’s holdings.</p> 
 <p><em>“A key factor behind the discretionary selling is likely to be FTX’s upcoming liquidation of reportedly $3 billion in crypto holdings. </em></p> 
 <p><em>Though FTX has not reported when they will conduct these liquidations, it is likely that the market got spooked following their recent bridging activity.</em></p> 
 <p><em>With ETH and SOL both being part of FTX’s holdings, it is plausible to believe that the lack of sustained price action in these assets is linked to sellers front-running FTX and [fewer] buyers looking to buy ahead in anticipation of their liquidation.”&nbsp;</em></p> 
 <p>For now, Outumuro says that demand and supply appear to be clashing within a narrow trading range. However, the analyst names two other large sellers that could enter the crypto markets before the year expires.</p> 
 <p><em>“It appears that buying activity driven by catalysts such as a potential ETH spot ETF is being offset by the anticipation of FTX selling. These complex dynamics may persist as there are other waves of large sellers (such as the US government and Mt. Gox claims) expected later this year at the same time that institutional catalysts and organic adoption continue to improve.”&nbsp;</em></p> 
 <p>At time of writing, Ethereum is trading for $1,612 while SOL is worth $18.34.</p> 
</div>
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/3-000-000-000-sell-off-event-could-be-coming-to-crypto-markets-warns-analytics-firm-intotheblock-tbt62615.html">https://thebittimes.com/3-000-000-000-sell-off-event-could-be-coming-to-crypto-markets-warns-analytics-firm-intotheblock-tbt62615.html</a></p>

$3,000,000,000 Sell-Off Event Could Be Coming to Crypto Markets, Warns Analytics Firm IntoTheBlock

TheBitTimes

Other articles published on Sep 13, 2023

Breaking: FTX Allowed to Sell $3.4 Billion Worth of SOL, XRP, ETH, BTC and Other Coins

Visa Says This Ethereum Rival Has ‘Unique Technological Advantages’ Over Other Chains

Binance.US CEO Resigns Amid Second Layoff This Year

Binance’s Strategy Against SEC’s Information Request – Binance vs. SEC Update

Optimism Surges: Bullish Signals Emerge Amid Short-Term Caution

Why Bitcoin’s Valuation Variances Offer Clues to the Current Crypto Slump

Join our free newsletter for daily crypto updates!