Regarding the results of the recent FTX hearing and future views:

First point: FTX is unlikely to restart. The hearing approved not a "restructuring plan" but a distribution plan for creditor compensation.

Second point: The FTX debtor team reiterated at the hearing that the value of FTT is 0 and is classified as equity that cannot be realized. I have emphasized this many times before, but it does not affect its value of being hyped by the media.

If you still want to get a large increase in FTT, buy at a low price and then wait patiently for the hype 1-2 weeks before the formal distribution of subsequent claims.

Third point: Although the court has approved the plan, it has not yet officially taken effect. It is necessary to wait for the judge to issue a plan confirmation order and take effect within 90 days.

After waiting for the plan to take effect, FTX debtors will start the first round of distribution to Class 7A creditors within 60 days, so the first round of distribution to Class 7A creditors is unlikely to be carried out at the end of this year.

Will the compensation funds flow back to the market?

For more investors who have not used FTX, this may be the most noteworthy issue - whether the maximum $16.5 billion of funds can flow back to inject more liquidity into the market and drive the market up.

However, considering that FTX-related claims have been circulating in the market for a long time, a large number of original creditors have traded their claims to institutions specializing in bankruptcy claims for the need to realize them as soon as possible, and it is expected that this part of the funds will be difficult to flow back again.

There is no clear figure for the proportion of such claims that have been sold. Mr. Purple, a well-known creditor, estimates that the proportion may reach about half.

Su Zhu, who once helped boost the last bull market with SBF in the form of "sacrifice", said that even if these funds cannot return to the crypto market in full, it is still a large number and may boost the market.