#FTX payouts are starting, not sure if those creditors are dumping or this is just front running the news and we see a deeper discount, either way grateful for the cheap sats, thanks SBF
Discussion
I covered this on the show today. It’s a matter of contention as to whether or not the FTX creditors got paid in cash, or if they got paid in whatever coinage they held on the exchange.
It would appear that they’ve been paid in cash because they’re getting the amount of money the bitcoin was worth at 2022 levels rather than What bitcoin is worth now and that’s causing problems with the creditors. They’re not happy. So all in all, it would appear that the bitcoin has already been sold into cash and was done in 2022 or 2023 and the people are actually getting cash rather than bitcoin.
Therefore, it does not appear likely that what we’re seeing in the markets today are FTX creditors selling their bitcoin. This appears to be a “sell the news” event.
If they pay out in USD, people would either keep in fiat or buy back coin (hopefully BTC), so it should at worth do nothing, at best pump BTC.
That would be the rational play but gamblers love to gamble, with crypto being flat and unit bias always being a factor I wouldn't be surprised if some who waited 3 years for this pauout would take a second roll at the dice and gamble again
