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Not only that, I believe they had to exchange the ETH for USD before the auction to prove their holding. They now need to turn the USD back to ETH. ETH crashed
by samwillis 5y ago
Not only that, I believe they had to exchange the ETH for USD before the auction to prove their holding. They now need to turn the USD back to ETH. ETH crashed by about 10% yesterday afternoon (which could be due to them liquidating that much ETH, that would be a big story itself) and so they will have lost a fair bit there!
- dharma1 5y agoI think FTX agreed to return the same amount of ETH regardless of fx rates but let’s see. ETH daily volume is over $20b wouldn’t have made a material difference.
- danuker 5y agoYou underestimate how much of that volume is bots echoing and amplifying any tiny market jitter.
- dcposch 5y agoIf they were holding USD during the crash, that is great for them. Means they may end up with more than they started with. It would be a pretty funny outcome: "hey sorry we couldn't buy the Constitution, thanks for sending us 10 eth last week, here's 11 eth back"
- samwillis 5y agoYour quite right. Should have had my fist coffee of the day first!