Crypto Slumps As FTX Seeks Creditor Payout Amid Growing Institutional Presence
• Bitcoin struggled to gain momentum, trading around $41,000. Ether also fell to $2,100. Over $100M in crypto futures liquidations occurred.
• The FTX bankruptcy estate filed a proposal to end proceedings and return up to 90% of creditor funds. Claims will be valued as of the bankruptcy date.
• Goldman Sachs observed the crypto market becoming more institutionalized in 2022, especially in regulated derivatives trading.
• CME became the top BTC futures exchange by open interest in Q4. Other regulated futures venues saw growth.
• Coinbase was denied its push for crypto regulations by the SEC.