Crypto investors await verdict on FTX asset sales, inflation data

Crypto investors await verdict on FTX asset sales, inflation data

U.S. court will deliver a ruling on FTX's planned asset sales on Wednesday.

Crypto markets had a shaky start to the week ahead of US inflation data and possible asset sales by the failed FTX crypto exchange.

The number of digital assets among the top 20 was down 2% to 4%, with Bitcoin falling 2% to $25,000 and Ether tumbling 3.5% to $1,560.

Over the last seven days, Solana, the largest cryptocurrency on FTX's balance sheet, shed 9%. Other notable FTX holdings, Ripple, Aptos and BitDAO are similarly down 8.7%, 8.7% and 9.5% respectively. A U.S. court is expected to announce its decision on Sept. 13 regarding FTX's proposed plans to start selling assets.

By contrast, most top ten cryptocurrencies pulled back by between 4% and 5% over the same period. The American Bureau of Labor Statistics will release inflation figures for August on Wednesday, and investors will be looking at the data to predict the Fed's next rate decision on Sept. 20.

On August 31, FTX filed a court filing that broke down the cryptocurrency holdings of FTX, FTX.US and its sister trading firm, Alameda Holdings.

SOL is the biggest, with $597 million worth of BTC and WBTC, $229 million in ETH and WETH, $120 million inUSDT, and $119 million in XRP. The holdings of $49M in BitDAO and $46M in Stargate round out FTX's ten largest positions - making up 72% of FTX's $3.4B digital asset portfolio.

SOL investors are pleasantly surprised by the enormous tranche of tokens, which is subject to a vesting schedule, which means that the tokens will continue to enter supply in the next few years. The SOL will be available for monthly until 2028, with an additional 12M SOL unlocking each month until Sept. 2027. In 2025, a final tranche of 7.5M SOL can be sold.

DeFi's combined capitalization of assets fell 6 percent over the weekend, according to CoinGecko.

Over the past seven days, the majority of the market's top tokens lost value, including 12 assets with a loss of more than 7.5%. Five tokens bucked the trend with double-digit gains, including Tellor, Flamingo and Perpetual Protocol, with rallies of more than 40%.

TVL's total value of DeFi assets continues to decline, with TVL falling $2B to $36.5B over the past two weeks. DeFi TVL is down 31% since mid-April.

The L2 ecosystem in Ethereum is growing, with the combined layer 2 throughput up 55.4 transactions per second, according to L2beat.

While Starknet posted a record-breaking 10 TPS Friday morning, L2 activity is still up across the board due to a surge in airdrop speculation. The throughput of the top eight layer 2s is each up compared to a week ago, with Base, Immutable X, Mantle, and dYdX all up more than 40%.