FTX, along with its affiliate Alameda Research, has been actively disposing of their digital assets to meet their debt obligations. Throughout April, the two organizations liquidated a sizable portion of their crypto holdings, amounting to a substantial sum of $98 million. FTX, in particular, has been selling off its Solana (SOL) assets to refund its clients, and this trend of selling could persist in the coming days.

Data from blockchain analytics company Arkham Intelligence reveals that wallets linked to FTX and Alameda Research have started the process of liquidating assets valued at $97.35 million in the last month alone. FTX's stash includes $33.85 million in BOBA, $11.22 million in ETH, and more than three-quarters of the FTT supply. On the other hand, Alameda Research holds significant investments in various cryptocurrencies, such as $140 million in WLD, $102 million in BIT, $93 million in BTC, and $48 million in STG. This signals that there might be further sell-offs from these two entities in the near future.

The boost in investor enthusiasm surrounding FTX's claims has emerged following the unveiling of the company's proposed recovery strategy, which anticipates an average recovery rate of 118% for most creditors. Louis Origny, the Chief Technology Officer of claim buyer FTXCreditor, anticipates a surge in claim acquisitions due to the potential imposition of a 30% tax withholding rate for non-U.S. clients and the inability of all claim holders to convert USD checks easily.

Nevertheless, stakeholders holding claims against FTX have been expressing their disapproval towards the repayment scheme. Their primary contention stems from the fact that the bankruptcy estate terminated the evaluation of customer crypto assets in November 2022, which coincided with the lowest point of the bear market. Consequently, a majority of creditors have been requesting their reimbursements in the form of cryptocurrency holdings rather than USD. FTX has yet to address this specific request.

The persistent selling actions by FTX and Alameda Research, combined with the probability of additional asset liquidations, could introduce more selling pressure into the cryptocurrency market. As the ongoing narrative of FTX unfolds, the process of asset distribution and debt settlement presents a complicated terrain for the exchange and its lenders to maneuver through. It remains to be witnessed how this interplay will shape up in the upcoming phases.