Which Tokens Will Be Most Affected by the Upcoming FTX Selling? | Crypto Daily Digest Sep.13
FTX intends to sell billions of dollars crypto asset holding, $MATIC, $TRX, and $DOGE would be the most impacted tokens, according to Messari.
According to Messari, FTX liquidators currently hold approximately $1.3 billion in liquid crypto assets (excluding stablecoins). Concerns about potential FTX liquidations starting this week have had a dampening effect on several tokens in the market.
FTX to Hire Galaxy to Start Selling, Staking, and Hedging its Crypto Holdings
FTX's largest holdings include SOL, BTC, ETH, APT, DOGE, TRX, and MATIC. FTX/Alameda's BTC holdings, totaling $353 million, account for only about 1% of BTC's weekly trading volume. This means that the market has the capacity to absorb the selling without causing a substantial price impact, and the same applies to ETH.
SOL and APT, while having substantial holdings and a significant relative market volume ratio, consist largely of vesting tokens held on the Alameda and venture side. These tokens are not immediately liquid in open markets.
Tokens that could be most affected are DOGE, TRX, and MATIC. FTX's holdings of $20-30 million in these tokens represent 6-12% of their weekly volumes and can potentially exert a more significant influence on the market price.
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