K33 Analyst: FTX Repayment Progress Drives BTCQ4 Bullish Narrative

BlockBeats News, on October 8th, K33 Analysts stated that despite the decline in BTC price due to the intensification of tensions in the Middle East last week, the positive US employment data, the subsequent weekend recovery, and the progress in FTX creditor repayment process, BTC remains bullish in the fourth quarter. In a report on Tuesday, K33 analysts Vetle Lunde and David Zimmerman estimated that the payouts will begin from the end of this quarter to the beginning of the first quarter of 2025, within 60 days after the effective date of the court, although the exact date is still uncertain, it is expected to be in mid-November. The problem faced by longs is how much repayment may re-enter the market, especially when encryption assets have been converted into fiat currency, which means that the selling pressure from real estate has already emerged. Analysts estimate that out of the 14.4 to 16.3 billion US dollars in claims, 3.9 billion US dollars have been purchased by credit funds and are unlikely to return to the market. They also estimate that about 33% of the remaining claims are owned by sanctioned countries, insiders, and individuals who have not passed KYC verification, and these individuals will be unable to make claims. Based on the analysts' assumptions, the remaining funds amount to 8 billion US dollars, and they expect that 20% to 40% of them will be reinvested in the cryptocurrency market, or approximately 2.4 billion US dollars within that range, because 'FTX's trader base consists of cryptocurrency enthusiasts'.