Analytics firm IntoTheBlock is warning that one bankrupt crypto firm holding billions of dollars in digital assets could trigger cascading prices.
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.
Outumuro zeroes in on Ethereum (ETH) and its rival Solana (SOL), two crypto assets that make up a significant part of FTX’s holdings.
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“A key factor behind the discretionary selling is likely to be FTX’s upcoming liquidation of reportedly $3 billion in crypto holdings.
Though FTX has not reported when they will conduct these liquidations, it is likely that the market got spooked following their recent bridging activity.
With ETH and
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