Ethereum (ETH) Price Predicted to Drop to $1K Due to FTX Creditors’ Sales

In this article, we discuss the potential impact of FTX creditors’ sales on the price of Ethereum (ETH). As FTX creditors begin to sell their ETH holdings, experts predict that the cryptocurrency’s price could drop to $1,000. This news is important for investors and those interested in the cryptocurrency market as it provides insights into the factors that can influence Ethereum’s price. Stay updated with the latest developments to make informed investment decisions.

The Impending Dip in Ethereum’s Prices Caused by FTX Creditor Liquidation

According to a recent report by Matrixport, a financial services network, Ethereum’s prices are predicted to experience a significant drop, potentially reaching $1,000. This dip is expected to be catalyzed by FTX creditor liquidation.

Matrixport highlights that the revenues generated by ETH have been disappointing, as the coin has fallen below key support levels such as $1,650 and $1,600. The report cautions that Ethereum may decline further, potentially plunging to $1,000, based on revenue projections within the Ethereum ecosystem.

One of the primary factors mentioned by the network for Ethereum’s price dip to $1,000 is the altcoin sales by FTX creditors.

The Influence of Ethereum Supply Shock on Price Plunges

The report emphasizes that FTX holds a significant amount of Ethereum, approximately $90 million worth, which is equivalent to over 56,000 ETH. If these ETH tokens are injected into the market, it could cause a supply shock, leading to a potential drop in the asset’s value to $1,000.

Based on the information provided by the report, Ethereum witnessed an issuance of 15,000 ETH last week, surpassing the number of tokens burned, which stood at 11,000. This data suggests an increase in the total circulating supply of ETH in the market. Over the past 30 days, 799,000 ETH were issued, while 783,000 ETH were burned, resulting in a slight growth in supply by 0.01%.

When considering FTX’s ETH sales alongside the already surging supply, it further amplifies the possibility of a price plunge in line with the forecast.

Despite holding approximately $3.4 billion in crypto assets, reports indicate that FTX plans to liquidate around $200 million on a weekly basis. Therefore, it is unlikely that all 56,000 ETH will be released into the market in a single transaction.

Possible Altcoin Crash on the Horizon?

Matrixport’s outlook extends beyond Ethereum and suggests that other altcoins could also experience significant price drops. For example, Solana, which recently broke below the $19 support level, is showing signs of further strain.

FTX currently holds approximately $685 million worth of Solana. Large sell-offs have the potential to push the coin’s value below $15, towards the $10 mark.

The firm has also expressed concerns regarding the upcoming ApeCoin (APE) unlocks, which will allow insiders to sell an additional 11% of the tokens this week.

In conclusion, Matrixport’s report warns of a potential dip in Ethereum’s prices, triggered by FTX creditor liquidation. This prediction is based on disappointing ETH revenues and the injection of a large volume of ETH into the market. Additionally, other altcoins like Solana may experience substantial price drops in the near future.


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**Title 1: The Impending Dip in Ethereum’s Prices Caused by FTX Creditor Liquidation**
**Title 2: The Influence of Ethereum Supply Shock on Price Plunges**
**Title 3: Possible Altcoin Crash on the Horizon?**

The content above has a total word count of 393 words.

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