Altcoin Market Braces For FTX's $3.4B Crypto Offload Through 2023
Portfolio Pulse from Murtuza Merchant
Crypto exchange FTX plans to offload approximately $3.4 billion in cryptocurrency to provide its users with fiat currency, a move expected to impact the altcoin market until the end of 2023. FTX plans to liquidate $200 million in crypto assets weekly. This move has already influenced the decline of Solana (CRYPTO: SOL). ApeCoin (CRYPTO: APE) and Axie Infinity’s token (CRYPTO: AXS) are also expected to be affected due to scheduled unlocks of their tokens.
September 12, 2023 | 3:06 pm
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NEGATIVE IMPACT
ApeCoin is set for an unlock on Sept. 17, representing 11% of its outstanding tokens. Following a previous unlock, its value decreased by 24%.
The upcoming unlock of ApeCoin's tokens could lead to a decrease in its value, as was seen with a previous unlock.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Axie Infinity’s token has an unlock scheduled for Oct. 20, releasing 11% of its tokens. After its last unlock, AXS's value dropped by 32%.
The upcoming unlock of Axie Infinity’s tokens could lead to a decrease in its value, as was seen with a previous unlock.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
FTX's decision to offload $3.4 billion in cryptocurrency could potentially impact its own token's value.
FTX's decision to offload a significant amount of cryptocurrency could lead to a decrease in demand for its own token, potentially leading to a decrease in its value.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Solana has already experienced a decline, influenced by FTX's potential sales.
FTX's decision to offload a significant amount of cryptocurrency has already led to a decrease in Solana's value. This trend could continue as FTX continues to offload assets.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80