With claims increasing to 80 cents on the dollar, FTT, the tokens of the now-defunct FTX market, rose by 11% due to hopes of creditor payback.
According to CoinGecko data, FTT trade volumes increased to $90 million from $22 million on Sunday. Prior to its collapse in late 2022, the FTX exchange, founded by Sam Bankman Fried, granted holders access to specific privileges through the tokens.
Since the demise of FTX, the tokens have mostly continued to be used as a speculative asset. However, proposals for an FTX relaunch or debt repayments have already led to momentary price increases in the past.
Following news that FTX’s bankruptcy estate had sold off 22 million shares of Grayscale’s bitcoin exchange-traded fund (ETF), GBTC, there was a spike in price. Since the product went live earlier in January, these have accounted for roughly half of all GBTC sales, with a combined value of almost $1 billion.
Claims on FTX deposits above $1 million have so kept rising. Prices as of January 12 are 2 points higher than the previous week’s market.
According to cases Markets, which monitors bankruptcy cases, the costs are rising in advance of a forthcoming Claims Estimation Hearing. On Tuesday morning, FTT was one of the few investors that saw gains when bitcoin slumped 3.5% to $39,500 in Asian afternoon hours.