Messari: The market can absorb most of FTX’s sell-off on highly liquid assets such as BTC and ETH

Odaily Planet Daily News Encryption research institution Messari published an article on the X platform stating that the FTX liquidator holds approximately US$1.3 billion in liquid crypto assets (excluding stable coins). Its largest holdings include SOL, BTC, ETH, APT, DOGE, TRX, MATIC, etc. The above data is not calculated based on the absolute value of the tokens held, but its holdings relative to the active trading volume of each asset. For example, FTX/Alameda’s BTC holdings ($353 million) represent approximately 1% of BTC’s weekly trading volume, which means that the market can absorb most of the sell-off, and the same is true for ETH. However, for less liquid assets such as DOGE, TRX, and MATIC, the amount held by FTX accounts for 6%-12% of the weekly trading volume, which may have a greater impact on the market. Although SOL and APT have significant dollar value and relative market volume impact, these assets are held by Alameda and venture capital investors and primarily consist of vested tokens that are not immediately available for circulation on the public market. Only $9.2 million in SOL will be unlocked each month, which significantly reduces the impact of liquidations, making them more manageable like BTC and ETH liquidations According to previous news, FTX submitted a motion to sell, pledge and hedge more than $3 billion in crypto asset positions in August. As reported by Unchained Crypto, a hearing on the motion regarding FTX’s proposed plan is scheduled for September 13. In court documents filed on September 7, The U.S. Trustee objected to FTX’s proposed plan.