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FTT joined today’s broad-based altcoin rallies with a significant surge.
While the altcoin narrative boosted the alt’s sentiments, the latest announcement from Backpack exchange added to the bullish momentum.
Backpack has launched a non-profit platform to help victims of the collapsed FTX exchange liquidate their bankruptcy claims.
The announcement triggered excitement, especially for creditors who have been in limbo for over two years, wondering whether they would ever recover their lost funds.
The Backpack team said:
We deeply understand the pain of being former FTX users. To assist other users who still hold FTX claims, we are launching a non-profit, completely neutral claims sale channel starting today, helping FTX global claim holders connect with third-party buyers willing to purchase FTX claims.
Update: Backpack has launched its official #FTX claims sale channel
It’s a one-stop flow — all inside the app:
Identity verification
Claims validation
Offer & settlement
#Backpack will not charge any fees or earn profit from this service
— TheNewsCrypto (@The_NewsCrypto) July 18, 2025
Notably, Backpack was among the platforms that suffered massive financial losses following FTX’s late 2022 debacle.
It lost assets worth approximately $14.5 million as Sam Bankman-Fried’s empire crumbled.
Most importantly, Backpack is not after recognition or financial gains.
It has emphasized that this is a community-centric, zero-profit program introduced to link claimants with legitimate buyers in a secure environment.
The initiative enhanced sentiments among FTT holders, reflected by the surged prices.
Backpack’s new offering adopts user-friendliness.
Individuals only need to visit the exchange’s platform and complete basic ID checks.
This is to adhere to regulatory policies.
After eligibility verification, qualified users will receive offers from legitimate buyers and enjoy a secure and frictionless process to liquidate their assets.
Remember, Backpack will not take commissions or charge fees throughout this process.
While it remains a controversial token, as it lacked utility following FTX’s debacle, FTT remains a proxy for sentiments around the exchange’s bankruptcy efforts.
It has always reacted to developments associated with the creditor reimbursement process.
The digital coin gained from a daily low of $0.8779 to $0.9408 intraday peak.
That’s a 7% increase, and the recovering 24-hour trading volumes signal a potential trend shift to the buyer side.
Technical indicators on the daily timeframe support the upside trajectory.
The Moving Average Convergence Divergence displays bullish momentum with green histograms while above the signal line.
The Relative Strength Index at 63 signals more room for upswings before FTT reaches the overbought area.
Meanwhile, FTT’s future depends on the claimants’ decision. Relentless dumps would mean massive selling pressure for the native token.
Backpack has urged users to avoid selling with a disclaimer:
Selling claims is a voluntary action and involves opportunity costs. If you choose to continue holding your claims, you may receive higher compensation in the future. Please make a careful decision based on your own judgment.
On the other hand, bulls dominate the cryptocurrency sector as bullish sentiments prevail. Bitcoin hovers at $120,140.
A daily candlestick closing above $121,000 could trigger continued gains to free all-time highs at $132,000.
Genius Group, a Singapore-based education and technology company, must sell its Bitcoin holdings following a US court order. The decision is part of its legal dispute that has blocked the company from raising funds, issuing shares, or making further Bitcoin purchases.
In a major development, a United States court ruling has placed strict financial restrictions on Genius Group, preventing it from issuing shares or raising capital.
The firm’s announcement shows that the American District Court for the Southern District of New York approved a preliminary injunction halting its ability to generate revenue through stock sales.
The dispute was a precedent from a collapsed agreement between Genius Group and Fatbrain AI. Genius attempted to cancel a deal with Fatbrain AI, leading to fraud accusations from shareholders and an SEC investigation.
The legal dispute, as described by the firm, has now come with a Temporary Restraining Order (TRO), blocking access to investor funds and forcing the company to start selling its Bitcoin holdings.
Reports indicate that Moe and Ritz were accused of orchestrating a scheme to extort millions from Genius Group by misusing legal processes, including the Temporary Restraining Order (TRO) and Preliminary Injunction (PI). On February 14, 2025, they filed for a TRO and PI to prevent Genius from selling any shares, raising funds, or utilizing its $150 million ATM funding, specifically blocking the purchase of Bitcoin.
As a result, the court placed a temporary restraining order on Genius Group, blocking access to investor funds and forcing the company to begin selling its Bitcoin holdings.
Unfortunately, Genius Group said its BTC reserves have dropped from 440 BTC to 430 BTC. If the legal battle continues, potential sales may follow. Since the ruling, Genius’ share price has dropped 53% from $0.47 to $0.22, and the Company’s market capitalization is currently 40% of the value of its Bitcoin Treasury.
Genius Group is one of the growing number of corporate institutions investing in Bitcoin. In November 2024, the Genius Group implemented a bold Bitcoin-first strategy, allocating Bitcoin as its treasury reserve asset.
Chief Executive Officer Roger James Hamilton has advocated for Bitcoin, positioning Genius Group as a Bitcoin-first company. The company adopted cryptocurrency as a financial strategy, borrowing MicroStrategy’s BTC playbook.
Earlier, it approved a $33 million rights offering to buy BTC. However, the court order may force it to change its approach to Bitcoin acquisition.
Firms like Strategy, Metaplanet, and Tesla have added Bitcoin to their balance sheets, seeing it as a hedge against inflation and economic uncertainty. Strategy has been more aggressive with its Bitcoin acquisition campaign. Recently, MicroStrategy acquired 22,048 BTC for $1.92 billion at an average price of $86,969 per Bitcoin.
Meanwhile, the legal case against Genius Group raises concerns for other companies holding Bitcoin.
While firms like MicroStrategy continue to accumulate Bitcoin, Genius Group’s case shows the legal risks involved. Many experts believe that as long as an organization adheres to the stipulated guidelines set by the authorities, there is nothing to fear regarding lawsuits.
While this may not have been the case with the previous administration, the current US SEC leadership has maintained a largely pro-crypto stance.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
21Shares has announced that it is bringing down the curtain on its Bitcoin and Ethereum futures exchange-traded funds (ETFs). The issuer is eyeing March 28 as a tentative date for the liquidation of both ETFs amid a wave of new filings in the US.
According to an announcement, crypto ETF issuer 21Shares has disclosed plans to ditch its Bitcoin and Ethereum futures ETFs. Per the announcement, the affected ETFs are the ARK 21Shares Active Bitcoin Ethereum Strategy ETF and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF.
While the press release did not give clear reasons for the liquidations, it hinged its decision on a periodic review of its offerings. The statement cited a need to align existing product lineups with market dynamics and clients’ needs in a changing landscape.
However, pundits say the liquidations are a result of jarring ETF outflows in recent months.
Shareholders can sell their holdings up until March 27, a date touted as the last trading day for both ETFs. 21Shares plans to put the final nail in the coffin for both ETFs on March 28, liquidating all remaining assets.
“Shareholders who continue to hold shares of a Fund on the Fund’s Liquidation Date will receive a liquidating distribution with a value equal to their proportionate ownership interest in the Fund,” read the press release.
Despite the wave of outflows, the ETF space is sizzling with frenetic activity. Buoyed by impressive returns, 21Shares slashed fees to 0.49% for its Bitcoin Ethereum Core ETPs.
Bitwise has rolled out its OWNB ETF to track companies holding Bitcoin on their balance sheets. Bitcoin ETF investors continue to put their faith in offerings in the face of price amid Rex Shares launching the first Bitcoin Corporate Bond Convertible ETF
Outside of Bitcoin, several issuers have filed for XRP, HBAR, DOGE, and AVAX ETFs with the US SEC. For Ethereum investors, CBOE has applied to the SEC to approve staking in Fidelity’s ETH ETF.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a sharp correction, the Bitcoin(BTC) price crashed more than 6% all the way to $65,000 leading to more than 7.8% correction in the broader cryptocurrency market. The correction in the altcoins space is even deeper with the top ten altcoins correcting anywhere between 8-15%.
According to Coinglass data, approximately $925 million worth of bullish cryptocurrency bets were liquidated within the last 24 hours, marking the most significant drop of its kind in the past month. The financial landscape experienced turbulence on Friday due to an escalation in geopolitical tensions, prompting investors to seek refuge in traditional safe-haven assets like bonds and the dollar.
However, this correction has been across the asset classes as the S&P500 and even the gold price retrace along with crypto. This suggests that investors are weighing CPI and inflation concerns as well with the chances of the Fed cutting the interest rates going considerably down.
A key gauge closely monitored in the options market is starting to indicate growing apprehension among speculators ahead of a significant Bitcoin code adjustment, historically bullish for the cryptocurrency.
According to a report by Kaiko Research, implied volatility for Bitcoin options surged last weekend, reversing the previous week’s downward trend. This uptick typically signals reduced confidence among market participants regarding price direction, explained Adam McCarthy, a research analyst at Kaiko. Rising implied volatility often prompts traders to pay more to hedge existing positions or to speculate on potential price movements, whether upward or downward.
Bitcoin’s volatility intensified on Friday, experiencing swings exceeding 8% amidst turmoil in global financial markets triggered by heightened geopolitical risks.
Kaiko noted a substantial increase in implied volatility for contracts expiring in the next two weeks, soaring from 59% to 71% within just two days. This surge implies a growing anticipation of near-term volatility among investors.
McCarthy added: “In this case it’s likely more bearish as traders are uncertain, but are willing to pay more for options to get protection against price swings. They’re possibly paying high premiums to buy downward protection.”
Apart from Bitcoin, the correction in the altcoin market is even deeper. Ether, the second-largest cryptocurrency following Bitcoin, experienced a significant downturn, plunging by as much as 12% at its lowest point, marking the most substantial intraday decline since November 2022. Solana and Dogecoin followed suit, with declines of approximately 12% and 13%, respectively. Similarly, Cardano and Polkadot witnessed substantial declines, each tumbling around 15%
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ethereum (ETH), a significant player in the crypto space, has recently come under scrutiny due to some concerning on-chain activities.
Notably, the number of addresses holding significant amounts of Ethereum has declined, and some long-term holders appear to be liquidating their positions, potentially posing threats to Ethereum’s value.
On-chain analytics have been instrumental in offering real-time insights into crypto market trends. Recent revelations have highlighted a downturn in Ethereum’s holding patterns that might have deeper implications for the digital asset’s value and the market.
According to Glassnode, a leading on-chain analytic platform, the number of addresses holding 1,000 Ethereum (ETH) coins or more has plummeted to a 5-year low.
Precisely, these addresses, often termed ‘whale addresses’ in the crypto world, have decreased to 6,082. Such a sharp decline can be attributed to the liquidation activities of some of Ethereum’s long-term holders.
It is worth noting that this contraction in whale holdings could potentially increase the susceptibility of Ethereum to market bears, potentially initiating a downward price trajectory.
The impact of such sales on the market is apparent. When large quantities of a cryptocurrency, such as Ethereum, are offloaded, it often leads to a considerable influx of selling pressure. This can cause panic among smaller investors, prompting further sales and possibly leading to a price drop.
Interestingly, another layer adds to Ethereum’s selling pressure alongside the decrease in large-scale holdings. According to data from Lookonchain, a renowned on-chain data analysis firm, a dormant Ethereum wallet, untouched for around four years, has suddenly sprung into action.
The wallet in question liquidated its entire ETH holding, quickly pushing roughly $4.81 million worth of the altcoin into the market.
A wallet that had been dormant for 4 years sold all 2,591 $ETH for $4.18M stablecoins 6 hours ago.https://t.co/et78rXHG5u pic.twitter.com/pJanMLxwA3
— Lookonchain (@lookonchain) September 20, 2023
Such unexpected sales from long-inactive wallets could raise alarms in the market. While the exact reasons behind such liquidations often remain concealed, they invariably amplify the selling pressures on the affected cryptocurrency, which, in this case, is Ethereum.
Meanwhile, Ethereum’s price has seen a slight bullish trajectory over the past week, up 1.4%. The asset has moved from a low of $1,596 seen last Wednesday to trade above $1,650 on Monday before retracing to $1,626, at the time of writing down by 1.8% in the past 24 hours.
Featured image from Unpslah, Chart from TradingView
Crypto-friendly bank Silvergate has announced plans to shut down in an orderly manner and fully repay all deposits.
Silvergate Capital has decided to shut down operations and liquidate its bank following effects of problematic market conditions. On Wednesday, the crypto-focused bank made the grim announcement, which also saw its stock plummet over 36% in after-hours trading.
In addition to ‘voluntarily liquidating’ in an ‘orderly manner,’ Silvergate also revealed that it would fully repay all deposits.
The announcement read:
“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward. The Bank’s wind down and liquidation plan includes full repayment of all deposits. The company is also considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets.”
Silvergate also added it would “discontinue the Silvergate Exchange Network (SEN),” previously announced last week on its public website. However, the bank assured that all “other deposit-related services remain operational” amid the wind-down process. In addition, Silvergate committed to notifying customers of any further changes to the development.
Silvergate revealed Centerview Partners LLC as its financial advisor in its liquidation proceedings. In addition, the California-based crypto bank also disclosed that Cravath, Swaine & Moore would act as legal advisors.
Silvergate’s plan to shut down comes on the heels of discontinuing its SEN payments platform, considered one of its core offerings. Last week, the crypto-friendly financial institution also stated it would delay filing its annual 10-K for last year. The reason given was to sort out the business’ viability. However, Silvergate also revealed the delayed filing was due in part to a looming regulatory crackdown. This includes an investigation already afoot by the US Department of Justice.
Silvergate also ascribed the filing delay to Congressional inquiries, including investigations from its banking regulators. These regulators include the Federal Reserve as well as the California Department of Financial Protection and Innovation.
When Silvergate warned of impending insolvency, some crypto businesses, including Coinbase (NASDAQ: COIN) and Galaxy Digital, proceeded to sever ties with the embattled bank.
Silvergate, one of the two primary banks for crypto companies, has been struggling for months. For instance, the company laid off 40% of its workforce in January and reported a massive $1 billion net loss for Q4 2022. The loss resulted from the customer exodus Silvergate experienced at the end of last year, which drove deposits down 68% to $3.8 billion. The crypto-centric bank sold $5.2 billion in debt securities to cover these withdrawals.
In addition to its emergency liquidity injection and substantial staff downsizing, Silvergate also suspended plans to launch a digital currency. Furthermore, the bank wrote off the $196 million linked to its purchase of Diem Association from Meta (NASDAQ: META).
Silvergate currently has a little over $11 billion in assets, compared to the more than $114 billion worth of assets at Signature, another leading crypto-friendly bank.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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