16 billion USD could flow into cryptocurrencies in the third quarter 😱
The reason for this is that#FTXdistributes cash.
But they will not return funds in BTC, ETH, SOL or any other cryptocurrency.
Instead, they will receive a return from the stable based on November 2022 prices.
Imagine you hold 1#BTCthere, the price is $16k.
You won't get $56k, but $16k.
There are also 2 important dates to pay attention to:
◾ August 16, 2024 - Deadline to vote on FTX bankruptcy
◾ October 7, 2024 - FTX's bankruptcy plan may be approved
How could it affect the market?
As I said, profitability is expected to occur by the end of Q3.
Plus, at that time, the world will be watching the US election.
These 2 events could create a bull market
Even looking at previous increases following inflows:
$BTC:
◾ On January 8, cash inflow was 210 million USD. Price increased +5% in one day
◾ February 26 - March 4, cash inflow was 1.139 billion USD. Price increased +32%
$ETH :
◾November 9, 2023, cash inflow was 100 million USD. Price increased +10%
◾ April 8, cash inflow was 217 million USD. Price increased +8%.
SOL:
◾From March 11 to March 21, cash inflow was $634 million. Price increased by 25%
How high can we go this time?