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.
“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.
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