Crypto investors await verdict on FTX's planned asset sales

Crypto investors await verdict on FTX's planned asset sales

The US Court Will Testify in Prosecutors on Planned Asset Sales of FTX on Wednesday.

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

On Monday, the number of digital assets in the top 20 fell between 2% and 4%, with Bitcoin falling 2% to $25,000 and Ether tumbling 3.5% to $1,560.

Over the past seven days, Solana, the largest cryptocurrency on FTX's balance sheet, shed 9%. Other notable FTX holdings, Ripple, Aptos and BitDAO are also down 67%, 8.7% and 9.5% respectively. A U.S. court is expected to arrive Sept. 13 to deliver a verdict on FTX's proposed plans to begin selling assets.

Most cryptocurrencies pulled back by between 4% and 5% over the same period. The US Bureau of Labor Statistics is expected to release inflation figures for August on Wednesday, and investors will be looking at the data to forecast the Fed's next rate decision on Sept. 20.

On Monday, FTX submitted a filing to the U.S. District Court ofAppeals laying down the cryptocurrency holdings of FTX, FTX.US and its sister trading firm, Alameda Holdings.

SOL is the largest stock at $1.16 billion, followed by $597M worth of BTC and WBTC, $229M in ETH, WETH, $120 million inUSDT, and $119 million in XRP. The value of FTX's ten biggest assets is $49M in BitDAO and $46M of Stargate, making up 72% of FTX's $3.4B digital asset portfolio.

SOL investors are happy to note that the tokens are subject to a vesting schedule, meaning that the tokens will continue to enter supply over the next few years. The bank said it will unlock 34.5M SOL monthly, with an additional 12M SOL unlocking each month until Sept. 2027. A final tranche of 7.5M SOL can be sold in 2025.

DeFi's combined capitalization of assets fell by six 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%. With rallies of more than 40%, five tokens bucked the trend with double-digit gains, including Tellor, Flamingo and Perpetual Protocol.

TVL's total value has also fallen, with the total value locked in DeFi assets falling $2B to $36.5B over the past two weeks. DeFi TVL has been down 31% since mid-April.

L2 ecosystem continues to grow, with combined Layer 2 throughput peaking at 55.4 transactions per second on Sept. 10, according to L2beat.

Although the milestone came one day after Starknet posted a peak of 10 TPS, L2 activity is up across the board. The throughput of the top eight layers 2s is up compared to one week ago, with Base, Immutable X, Mantle, and dYdX all up more than 40%.