Bitcoin price falls as market ponders possible FTX crypto sales

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Bitcoin is caught in bearish territory amidst the anticipated liquidation of FTX's remaining crypto asset holdings.

that the potential FTX sell-off, when combined with other indicators that are already relatively bearish, could amplify downside pressure on bitcoin. He pointed to on-chain data that showed declining bitcoin trading volume for both spot and derivative activity.to having fallen below $10 billion for the first time since November 2020.

Another factor adding downside pressure is a possible divestment from crypto hedge funds,"who still seem to be a bit overextended based on our analyses," Dragosch said. He said a decrease in macro liquidity, largely attributed to the tightening of central bank monetary policies, was also adding a downside factor, with a continuous shrinkage in stablecoin market caps indicating there is less"dry powder" available for investing in crypto assets like bitcoin.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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