FTT price on the edge as FTX creditors brace for $1.6B payout on Sept. 30 – CoinJournal
- FTX creditors will receive $1.6B in reimbursement tomorrow.
- This is the 3rd major distribution in the bankrupt firm’s restructuring program.
- FTT has lost $1 psychological mark after hitting $1.20 peaks this week.
The defunct cryptocurrency exchange, FTX, is set to distribute roughly $1.6 billion to its creditors in its Third Distribution round on September 30.
The move marks a significant step in the exchange’s bankruptcy process following the late 2022 collapse.
Meanwhile, tomorrow’s payout represents the third disbursement to date and targets non-convenience and convenience class claim creditors who meet all pre-distribution necessities.
FTX’s native token has lost a crucial level ahead of the massive distribution.
It trades at $0.9424 after mild bearishness in the past day.
FTT has underperformed as most tokens rallied on Monday.
FTT drops below $1
FTX’s native token dipped below $1 as investors brace for relief.
FTT always reacts to developments associated with the insolvent exchange.
While the crypto market reversed today, FTT weakened at the $1 psychological mark.
It is trading at $0.9487, with an over 70% surge in trading volume signaling increased trader activity.
The bearish hints could indicate traders bracing for potential sell pressure once the reimbursement begins.
Moreover, the price fluctuation reflects lingering uncertainty around FTT’s use cases and roles after the FTX debacle.
The altcoin has no utility at the moment. No longer supported by a running trading platform, FTT survives on speculation.
Weekly gains still intact
While bears fight to control daily trends, the weekly chart paints a bullish story.
FTT holders have seen their holdings increase by over 13% in the last seven days.
The upward trajectory follows a sharp rally last week.
The digital coin recorded a 60% single-day rally on September 24.
The dramatic jump came after Sam Bankman-Fried’s X handle unexpectedly broke its silence with a “gm” post.
$FTT jumped nearly 60% after a simple “gm” was posted from SBF’s old X account.
⁰(It wasn’t him – a friend said they were using the account.)Still, that one word was enough to send traders rushing in.
⁰Shows much this market runs on hype and vibes, not logic. pic.twitter.com/SF8IHaCzul— Master of Crypto (@MasterCryptoHq) September 24, 2025
The simple message, which means “good morning, sparked frenzy as it was the first post since early this year.
FTT rallied to the $1.20 weekly highs after the X post.
The wild price more reflected how sensitive FTT is to any developments linked to FTX and its controversial founder, SBF.
What’s next for FTT’s price?
The altcoin remains poised for heightened volatility as creditors prepare for their upcoming compensation.
Meanwhile, technical indicators suggest potential recoveries above $1.
Analyst Dark Pro Trader anticipates bullish moves amidst the creditor payments.
He highlighted a 4-hour chart, which demonstrates a mix of tentative upswings and sharp volatility.
FTT has a key support barrier at $0.78.
The upcoming $1.6 billion in creditor payout might create short-lived demand for the native token.
That might see it targeting weekly highs at $1.20 and clear the path to the notable resistance zone at $1.30.
Such an uptrend would translate to an approximately 27% uptick from FTT’s current market price.
Source link
