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Investors are bracing themselves for a crypto crash as FTX gets the green light to sell its crypto holdings.

Investors are bracing themselves for a crypto crash as FTX gets the green light to sell its crypto holdings. Bitcoin makes up a significant share of the bankrupt crypto exchange’s list of assets, next to Solana. 

FTX Sell-Off Gets Approval 

FTX requested the U.S. Bankruptcy Court for the District of Delaware permission to sell, stake, and hedge its crypto assets. On Wednesday, Judge John Dorsey approved that FTX can sell its holdings, capped at $100 million worth of tokens per week. 

FTX owns $1.16 billion in Solana (SOL), $560 million in Bitcoin (BTC), $192 million in Ethereum (ETH), and $137 million in Aptos (APT), among others. 

Although FTX customers raised concerns regarding the potential consequences of the sell-off like the possibility of a crypto market crash and FTX’s ownership of the said holdings, they were overruled. 

Will the Market Make a Counter Move?

Despite Wednesday’s court ruling, the crypto market has not shown signs of a serious downtrend. In fact, high-cap assets are making single-digit climbs on the weekly charts, reversing the losses they made over the last two weeks.

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Author: Jana Serfontein

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