Crypto Liquidations and FTX Asset Sale Rock Market: Coinglass Data Report

Coinglass data reveals $167 million in crypto liquidations within 24 hours, with Bitcoin and Ethereum among the hardest-hit.
FTX’s decision to sell $3.4 billion in crypto assets, including top holdings like Solana, Bitcoin, and Ethereum, causes market concern.

In a move that has sent shockwaves through the cryptocurrency world, FTX has announced its plans to divest itself of a staggering $3.4 billion in crypto assets. These assets represent a significant portion of FTX’s holdings, with the top 10 digital assets accounting for 72% of the total value. Leading the pack is Solana (SOL), valued at approximately $1.2 billion, followed by Bitcoin (BTC) and Ethereum (ETH) with values of $560 million and $192 million, respectively. Other notable assets in FTX’s portfolio include APT, USDT, XRP, BIT, STG, WBTC, and WETH. This move by FTX raises questions about the market’s future direction and the potential impact on these cryptocurrencies.

The current week is marked by significant token unlocks, with several projects releasing substantial amounts of their native tokens into circulation. Moonbeam initiated the process on September 11, releasing 9.7 million GLMR tokens, equivalent to $1.74 million, or 1.34% of its circulating supply. Following suit, Aptos will unlock 4.54 million APT tokens on September 12, valued at approximately $23.85 million, constituting nearly 2% of its supply. Lido, on September 13, will release 1.5 million LDO tokens, worth about $2.22 million, representing 0.17% of its supply. Euler plans to release 150,000 EUL tokens on September 14, valued at around $400,000 or 0.83% of its supply. Flow will unlock 7.29 million FLOW tokens on September 16, valued at approximately $3.09 million, or 0.70% of its supply. Finally, ApeCoin is set to release a substantial 40.6 million APE tokens on September 17, with an estimated value of $51.6 million, making up a significant 11.02% of its circulating supply. These token unlocks may impact the respective projects’ markets and token values.

Several prominent cryptocurrencies are currently experiencing record lows. ARB has hit an all-time low, while PEPE’s price is at its lowest point since being listed on Binance. Even Shiba Inu (SHIB) has dipped below its summer low, raising concerns among investors about the long-term viability of these assets.

Bitcoin and Ethereum Rebound by Over 3% Following Recent Dip

In a recent bearish market sentiment, Bitcoin’s price plummeted to $24,900, falling even below its August 17, 2023, low when it experienced a 7% decline. This downturn resulted in over $160 million in liquidations. However, a bullish RSI divergence was observed, leading to Bitcoin’s rapid rebound by more than 3%, providing hope to investors that the market might stabilize in the near term.