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📊 Trending down. Crypto assets shook the downturn and managed to eke out a green candle last week, but are at risk of relapsing into the all too familiar red pattern that has afflicted price since April. What happened this week in markets, and where is the outsized upside?
In an unexpected turn, claims from the FTX bankruptcy have surged above 100 cents on the dollar, according to a draft recovery plan estimating most creditors could see a recovery rate of 118%. In tandem, claim buying — where people’s claims are sold on secondary markets — continues to increase over concerns about tax implications and the ability to cash USD checks. As a result, FTX claims now trade between 101% and 112% — a seller’s market.
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