The entire crypto market is on a down-drift after what seems to be a prolonged market correction, forcing Bitcoin down to $118,148 after a 0.40% slip over the past 24 hours.
While there are multiple proposed reasons for the current market shift, one of them seems to connect to FTX’s payment plan set to come into effect in September.
The now-defunct exchange will release another court-approved payment round of at least $1.9B through the same third-party entities: Kraken, Payoneer, and BitGo.
This marks the third big payout in 2025 as part of FTX’s efforts to repay their creditors and redistribute $14.5B in damages.
FTX’s upcoming payment could explain, at least in part, the current market shift by digging up the doubt and fear linked to the disgraced exchange, following Sam Bankman-Fried’s scam.
Bitcoin’s $86M Outflows Force the Market Sentiment Down
An even bigger factor for the current market sentiment seems to be Bitcoin’s $86M in outflows, with BlackRock ($IBIT) and Fidelity ($FBTC) bearing most of the burden, with $142.48M and $227.24M respectively.
Trader T is the bearer of bad news, keeping track of Bitcoin’s performance and highlighting the three consecutive days of consistent outflows.
The outflows aren’t bad on their own, but their impact on the market is. Entities like Fidelity, for instance, may be forced to liquidate their Bitcoin holdings to cover the withdrawals, which could increase the sell pressure, amplify price volatility, and push market sentiment even lower.
But what are the triggers behind this sudden market shift, given that FTX’s payment plan couldn’t account for it on its own?
Several factors may contribute to the current market shift:
- The economic uncertainty linked to the persistent inflation, geopolitical tensions, and the US Federal Reserve increasing interest rates
- Profit-taking behavior following the market’s recent rally, which saw Bitcoin pushing above $123K and triggering the sell mentality once it stabilized below $120K
- Portfolio rotation, as investors flee the stagnant Bitcoin to more promising altcoins
- Caution and uncertainty relating to the still-ambiguous legal framework for stablecoins, partially stemming from the SEC delaying several ETF approvals
However, while the market is on the back foot, it’s unlikely to backpedal for too long. The Fear and Greed Index is already telling half the story, with the community sentiment still borderline extremely greedy.
Trader Tardigrade seems to nourish similar sentiments, stating that, based on the market’s performance, crypto is set to become the largest asset in the world.
Another crypto analyst, Titan of Crypto, hints at a second Breakout coming, which would be the final hurdle before Altcoin Season 3.0.
With the market winding for a coming rally, some assets may experience higher gains than others, especially those with blockchain utility and massive long-term potential.
Snorter Token is one of them, introducing the Snorter Bot, the trading companion which snipes hot tokens milliseconds after liquidity appears.
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Based on these facts, Snorter Token is set to become one of the best meme coins on the market, following successful implementation and witnessing widespread adoption.
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Given Snorter Bot’s roadmap and efficiency, we expect the project to witness growing success post launch. In that context, $SNORT could easily push to $0.94 shortly after its public listing.
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Is the Crypto Market in Recession?
Despite the heavy Bitcoin outflows and the perceived market uncertainty, the bullish market sentiment seems to suggest that what we’re seeing is not recession, but rather market correction, following the recent generalized rally.
We expect Bitcoin to push again soon, once it clears the psychological threshold of $120K, at which point projects like Snorter Token ($SNORT) will also steam up.
Remember, this isn’t financial advice. Do your own research (DYOR) and invest wisely.
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