- Failed crypto exchange FTX has around $3.4 billion cryptocurrencies in its possession.
- Tron Founder Justin Sun wants to buy the crypto portfolio from them. So, he says it is to reduce selling pressure on the market.
As the FTX case progresses at the law court, one can’t help but notice the large amount of cryptocurrencies under the name of the failed exchange. However, a crypto founder named Justin Sun wants to buy this FTX crypto holdings.
FTX Crypto Holdings Revealed
- A recent court document shows how much the FTX has in their crypto holding and how much they can sell to recover customers’ funds. So, the recent court filing shows that the bankrupt crypto exchange still holds assets worth $7 billion. Among some of the assets in the control of the failed crypto exchange are Solana and Bitcoin. So, Solana is actually the highest crypto in FTX crypto holdings.
- According to data, this bankrupt crypto exchange has about $1.16 billion of Solana (SOL). The amount of Solana tokens they hold represents approximately 16% of the token’s outstanding supply – and about $560 million in bitcoin (BTC). Furthermore, the other tokens in FTX crypto holdings are Aptos, Ethereum, USDT, XRP, and Wrapped Bitcoin and Ethereum.
Justin Sun Offers to Buy FTX Crypto Holdings
- Justin Sun, Creator of Tron, one of the world’s largest blockchain ecosystems, says he wants to help the crypto industry by acquiring the assets of FTX crypto holdings. So, this statement from the Tron founder comes shortly after saying he wants to buy the majority shares of the Huobi Global exchange. Adding FTX crypto holdings to his list of purchases will be intriguing if he pulls it off. Furthermore, he claims to have a reason for trying to buy these holdings.
- According to data from Messari, FTX liquidations hold a total of $1.3 billion in liquid crypto assets, excluding stablecoins. So, the primary stablecoin here is the USDT, which takes a large chunk of the holdings at about $120 million.
- The Tron founder says he has a reason for trying to buy up these tokens from FTX. So, he believes buying these tokens from the failed exchange will reduce their selling influence on the crypto market. But is this reason valid?
Will FTX Selling their Holdings Have Any Effect on the Market
- According to data, the crypto market might not require the services of Tron Founder to avert danger. So, it shows the current market environment can handle the impact of FTX selling some of its crypto holdings.
- On the part of Bitcoin, FTX and Alameda’s BTC holdings, $353 million, account for only 1% of BTC’s weekly trading volume. This means that it might not have any massive harm on Bitcoin. However, many altcoins in their possession are at risk.
Conclusion
According to Tron Founder Justin Sun, he wants to buy some of the FTX crypto holdings. So, his reason for taking towards this part is that he wants to reduce the selling pressure on the crypto market. Data shows Justin Sun’s claim might be valid due to the large amount of cryptocurrencies FTX owns.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company
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