{"id":84325,"date":"2023-09-12T10:57:27","date_gmt":"2023-09-12T07:57:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84325"},"modified":"2025-09-12T16:42:06","modified_gmt":"2025-09-12T13:42:06","slug":"matrixport-analysts-warn-of-altcoin-crash-amid-ftx-asset-sales","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/matrixport-analysts-warn-of-altcoin-crash-amid-ftx-asset-sales\/","title":{"rendered":"Matrixport analysts warn of altcoin crash amid FTX asset sales"},"content":{"rendered":"

By year-end, Ethereum could fall to as low as $1,000, and downside targets for Solana (SOL) sit at $15 and $10 due to overhang of supply from FTX. Such forecasts \u043f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u0438\u043b\u0438<\/a> Matrixport Technologies analysts.<\/p>\n

Experts drew attention to \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u0441\u0443\u0434\u0430<\/a>, which allowed creditors bankrupt<\/a> exchange to begin the process of selling digital assets worth $3.4 billion. This amount includes $560 million in Bitcoin, $192 million in Ethereum and $1.16 billion in SOL (the largest holder of the tokens). The sales will begin this week.<\/p>\n

\n
\"image-608\"
Data: court documents.<\/figcaption><\/figure>\n<\/div>\n

In the run-up to the process, the funding rate on Solana perpetual contracts fell to -13% per year.<\/p>\n

\n
\"image-609\"
Data: Matrixport Technologies.<\/figcaption><\/figure>\n<\/div>\n

According to the analysts, unfavourable prospects also loom for ApeCoin (APE)<\/a> due to unlock events that will increase the token supply by 11%.<\/p>\n

For Ethereum, the key support is at $1,600; a break below could open the potential for further declines.<\/p>\n

\n

\u201cA drop below $1,500 could revive the notion that the price will fall to $1,000 \u2014 a level that seems justified, based on the ecosystem’s revenue forecast,\u201d<\/em> the analysts said.<\/p>\n<\/blockquote>\n

Analysts noted positive funding rates for Bitcoin and Ethereum, but did not interpret them as bullish in light of negative readings of such metrics for altcoins.<\/p>\n

The court ruling also states that since the start of the restructuring process, creditors have accumulated $2.6 billion in cash.<\/p>\n

Lawyers identified 38 properties owned by the group of companies in the Bahamas valued at $199 million.<\/p>\n

The court found that 50 insiders of the organisations, including Sam Bankman-Fried and Caroline Ellison, received assets in the form of cash, cryptocurrencies, shares and real estate totaling $2.2 billion.<\/p>\n

In June, the current FTX management team said it had returned liquid assets amounting to about $7 billion<\/a>. <\/p>\n

A month earlier, the exchange filed a suit<\/a> against Genesis demanding the return of $3.9 billion<\/a>. Subsequently, the amount of claims was reduced to $2 billion. Ultimately, the companies agreed to pay $175 million<\/a> to Alameda Research.<\/p>\n

In September, the court approved Robinhood’s repurchase of its 55 million shares worth $605.7 million<\/a>, which had previously belonged to the exchange’s founder, Sam Bankman-Fried.<\/p>\n

In the same month, FTX filed a suit<\/a> against LayerZero Labs, the developer behind the omnichain protocol, seeking the return of $86 million.<\/p>\n

On August 24, FTX informed<\/a> the court of plans to ‘sell, staking<\/a> and hedging’ its cryptocurrencies \u2014 for this the exchange will hire Galaxy Digital’s Mike Novogratz. <\/p>\n

Earlier in September, a transfer from an FTX-linked wallet of about $10.2 million sparked concerns aboutdump of altcoins<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By year-end, Ethereum could fall to as low as $1,000, and Solana’s downside targets sit at $15 and $10 due to FTX’s supply overhang. Matrixport Technologies analysts forecast.<\/p>\n","protected":false},"author":1,"featured_media":84326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[20,1236,1145,989],"class_list":["post-84325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-altcoins","tag-ftx","tag-market-analysis","tag-matrixport"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=84325"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84325\/revisions"}],"predecessor-version":[{"id":84327,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84325\/revisions\/84327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/84326"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=84325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=84325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=84325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}