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

Cryptocurrency exchange that unexpectedly went bankrupt in November 2022 FTXIn the documents he submitted to the court yesterday, he explained which crypto assets he currently holds and what their value is.

This statement Bitcoin and altcoinWhile triggering the decline in 2018, FTX evaluation came from the investment company Matrixport.

According to Coindesk news, BTC Stating that FTX-induced selling pressure in and altcoins may continue. Markus Thielen, head of research at Matrixportsaid FTX is likely to sell crypto assets worth at least $3.4 billion.

Thielen stated that this sale possibility paints a negative picture for altcoins for the rest of the year. “FTX said it wants to sell $200 million worth of crypto assets 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 other than FTX, crypto venture 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, the only altcoin affected by the potential selling pressure of FTX and VC funds Left (LEFT) Thielen stated that there is no APEHe said that is also under sales pressure.

Accordingly, Thielen has a large amount in the hands of VC funds. APE He also underlined that there will be a lock opening in APE on September 17.

“There is a lock opening in APE on September 17th. The tokens to be unlocked will make up 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.