According to BlockBeats, JPMorgan analyst Nikolaos Panigirtzoglou said in a report on Wednesday that Gemini Earn creditors may have recently liquidated some of the crypto assets they received. Mt. Gox creditors also face similar downside risks in July. "Assuming that most of the liquidation of Mt. Gox creditors occurs in July, cryptocurrency prices will be further pressured in July, but will rebound from August."
On the other hand, FTX’s cash repayments are estimated at about $14 billion to $16 billion, which are expected to be repaid shortly after the liquidation plan is finally approved on October 7. Analysts say these repayments from FTX may support the cryptocurrency market, and cryptocurrency-native creditors may reinvest funds in assets.