Defunct crypto exchange FTX is rumored to be set to begin liquidating assets on September 13 this week. With the exchange’s large holdings of big caps
such as Solana, Ethereum, Dogecoin, and Aptos, traders are on edge anticipating another crypto crash.
It stated that FTX holds $3.4 billion worth of cryptocurrency assets and may receive approval to begin liquidating its holdings as soon as Wednesday – selling off up to $200 million per week.also tweeted that Ethereum and Solana are ‘overshadowed by fear-driven market dynamics’ despite positive news of a possible spot Ether ETF and Visa adding support for Solana. FTX holds $90 million worth of ETH and $685 million worth of SOL.
While most altcoins are in the red today, Bitcoin may be the go-to token as a safe haven asset. BTC is holding up stronger than altcoins in much of the entire crypto market. Bitcoin is also enjoying strong on-chain metrics. Since the start of the year, the number of Bitcoin wallets holding $10K and $100K or more has risen, a testament to Bitcoin’s dominance in the past decade. Furthermore, compared to 2022, the average Bitcoin holding value has increased by 7.7% in 2023.Since altcoin prices are already beginning to trend down, many investors are diversifying into new presale tokens not yet listed on exchanges and with staking or revenue-sharing utility.
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