{"id":438609,"date":"2023-09-12T22:07:47","date_gmt":"2023-09-12T22:07:47","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=438609"},"modified":"2024-06-06T16:46:12","modified_gmt":"2024-06-06T16:46:12","slug":"an-altcoin-crash-is-coming-as-ftx-and-venture-capital-firms-sell-crypto-holdings-report-says","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/an-altcoin-crash-is-coming-as-ftx-and-venture-capital-firms-sell-crypto-holdings-report-says","title":{"rendered":"An Altcoin Crash Is Coming As FTX And Venture Capital Firms Sell Crypto Holdings, Report Says"},"content":{"rendered":"<p class=\"p2\"><span class=\"s1\">A $3.4 billion sale of crypto holdings by the bankrupt crypto exchange FTX will combine with other market sell-offs to trigger an altcoin crash, says crypto services provider Matrixport.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">FTX says it&rsquo;s poised to sell up to $200 million worth of its crypto holdings each week as it frees up cash for creditors and a Sept. 11 <a href=\"https:\/\/www.matrixport.com\/institutions\/research\/daily-insights\/693\" target=\"_blank\" rel=\"noopener\"><span class=\"s2\">report<\/span><\/a> by Matrixport warns that selling pressure may intensify this week because FTX creditors also may begin offloading $685 million in holdings of <span class=\"s3\"><a href=\"https:\/\/insidebitcoins.com\/news\/solana-sol-price-prediction-could-sol-be-in-danger-with-increased-sell-off-pressure\">Solana (SOL)<\/a><\/span>.<\/span><\/p>\n<p>&rdquo;The altcoin crash is coming,&rdquo; it said. &ldquo;At least $3.4bn worth of crypto is expected to be sold by FTX, which should create an overhang for altcoins for the rest of the year.&rdquo;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&#128201; The <a href=\"https:\/\/twitter.com\/hashtag\/Altcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Altcoin<\/a> Crash Looms<\/p>\n<p>&#127786;&#65039;In 2023, we anticipated <a href=\"https:\/\/twitter.com\/hashtag\/SOL?src=hash&amp;ref_src=twsrc%5Etfw\">#SOL<\/a>'s rise, but now, <a href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&amp;ref_src=twsrc%5Etfw\">#FTX<\/a>'s $685m SOL sale and <a href=\"https:\/\/twitter.com\/hashtag\/ApeCoin?src=hash&amp;ref_src=twsrc%5Etfw\">#ApeCoin<\/a> unlocks spell trouble.<\/p>\n<p>&#127786;&#65039;SOL funding rate negative, breaking $19 support. Watch $15 and $10. &#8252;&#65039;<\/p>\n<p>&#127786;&#65039;<a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> not 'ultrasound money' &ndash; issuance &gt; burn, <a href=\"https:\/\/twitter.com\/hashtag\/Ether?src=hash&amp;ref_src=twsrc%5Etfw\">#Ether<\/a> below&hellip; <a href=\"https:\/\/t.co\/Qpv2bSTgqM\">pic.twitter.com\/Qpv2bSTgqM<\/a><\/p>\n<p>&mdash; Matrixport (@realMatrixport) <a href=\"https:\/\/twitter.com\/realMatrixport\/status\/1701070430579401121?ref_src=twsrc%5Etfw\">September 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3>Venture Capital Funds To Remain &lsquo;Crucial Sellers&rsquo; of Altcoins<\/h3>\n<p><span class=\"s1\">FTX and its creditors are not the only sellers. <\/span>Worsening the outlook is the &rdquo;immense pressure&rdquo; on venture capital funds focussed on the crypto industry to return cash to their investors, it said in an earlier <a href=\"https:\/\/www.matrixport.com\/institutions\/research\/daily-insights\/686\">report<\/a>.<\/p>\n<p>&ldquo;While some crypto VC funds made 10-20x returns, several have had substantial drawdowns, leading investors to prefer cashing out,&rdquo; it said. &ldquo;Multicoin Capital lost -91% of its value in 2022. Those VC funds are likely to remain as crucial sellers of altcoins and must cash out.&rdquo;<\/p>\n<p>Exacerbating things further is a $50 million unlock by <span class=\"s1\"><span class=\"s2\">ApeCoin (APE)<\/span> that&rsquo;s scheduled for this weekend, it said in yesterday&rsquo;s report. The unlock allows mostly insiders to sell 11% of outstanding tokens. Since a previous unlock on Aug. 17, when 4.2% of ApeCoins were unlocked, the token&rsquo;s price has slumped 36%. It&rsquo;s down more than 15% during the past week.<\/span><\/p>\n<p>The outlook for SOL is looking particularly bleak, it said. Its fallen 11.4% in the past seven days and traded at $18.03 at 5:30pm ET, up 2.3% for the day.<\/p>\n<p>&ldquo;Yesterday, we saw SOL breaking the $19 support with increasing volume,&rdquo; it said. &ldquo;This is concerning; the more significant target levels are $15 and $10.&rdquo;<\/p>\n<p>Matrixport also sees worrying signs for Bitcoin and Ethereum, the 500 pound gorillas of the crypto ecosystem. With ETH now perilously close to the psychologically important <a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethereum\">$1,600<\/a> level, a break could carry prices lower, it says.<\/p>\n<h2 class=\"p3\"><span class=\"s1\">Bearish Trends in Bitcoin and Ethereum<\/span><\/h2>\n<figure id=\"attachment_438626\" aria-describedby=\"caption-attachment-438626\" style=\"width: 621px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\" wp-image-438626\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-12-at-19.34.02-300x201.png\" alt=\"Bitcoin Price in USD 1 Month\" width=\"621\" height=\"416\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-12-at-19.34.02-300x201.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-12-at-19.34.02.png 749w\" sizes=\"(max-width: 621px) 100vw, 621px\"><figcaption id=\"caption-attachment-438626\" class=\"wp-caption-text\">Bitcoin Price in USD 1 Month. Source: CoinMarketCap<\/figcaption><\/figure>\n<p>&ldquo;Technically, the break of $1,650 makes us extremely cautious about Ether,&rdquo; it said. &ldquo;We could even envision a scenario where prices materially drop lower into year-end. A decline below $1,500 could bring back the idea that Ether could decline to $1,000 &mdash; a level that would appear justified based on the revenue projection from the Ethereum ecosystem.&rdquo;<\/p>\n<p>While Bitcoin is up almost 4% today, Matrixport says its overall trend also is down amid bearish market sentiment.<\/p>\n<h3 class=\"p2\"><span class=\"s1\"><b>Related Articles<\/b><\/span><\/h3>\n<ul class=\"ul1\">\n<li class=\"li6\"><span class=\"s4\"><a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/best-altcoins\"><span class=\"s5\">Best Altcoins to Buy Now for 2023<\/span><\/a><\/span><span class=\"s6\"><br>\n<\/span><\/li>\n<li class=\"li6\"><span class=\"s4\"><a href=\"https:\/\/insidebitcoins.com\/news\/celsius-founder-alex-mashinsky-wants-ftc-case-dismissed\"><span class=\"s5\">Celsius Founder Alex Mashinsky Wants FTC Case Dismissed<\/span><\/a><\/span><span class=\"s6\"><br>\n<\/span><\/li>\n<li class=\"li6\"><span class=\"s4\"><a 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class=\"fin-excerpt\">A $3.4 billion sale of crypto holdings by the bankrupt crypto exchange FTX will combine with other market sell-offs to trigger an altcoin crash, says <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1942,"featured_media":438612,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[],"class_list":["post-438609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>An Altcoin Crash Is Coming As FTX And Venture Capital Firms Sell Crypto Holdings, Report Says<\/title>\n<meta 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