FTT posts slight gains as FTX prepares $5B in distributions
FTX Token recently slipped amid news of $5 billion distributions But what does FTX distributions mean for potential FTT price movement? Broader market sentiment may also dictate price direction for the FTX token. The FTX Token (FTT), the native cryptocurrency of the now-defunct crypto exchange FTX, is up 2.8% in the last 24 hours to […] The post FTT posts slight gains as FTX prepares $5B in distributions appeared first on CoinJournal.
- FTX Token recently slipped amid news of $5 billion distributions
- But what does FTX distributions mean for potential FTT price movement?
- Broader market sentiment may also dictate price direction for the FTX token.
The FTX Token (FTT), the native cryptocurrency of the now-defunct crypto exchange FTX, is up 2.8% in the last 24 hours to trade above $1.24.
While not huge, the gains continue FTT token’s uptick from lows of $1.12 hit earlier in the week.
This comes as the FTX holder community eyes fresh momentum amid the impending $5 billion second phase of bankruptcy distributions.
But what does this initiative that starts on May 30, 2025 mean for FTX Token?
FTX Token recent price action
Over the past month, FTT has seen a notable 32% surge, driven by speculation around the FTX bankruptcy estate’s upcoming distributions.
However, the token has faced downward pressure in the past week, dropping to around $1.12 before rising to $1.24 in the last 24 hours.
The downturn threatened to stall the altcoin’s bullish momentum, with the pullback coming amid broader market struggles.
After initially spiking on the bankruptcy estate’s plan to distribute over $5 billion to creditors starting May 30, 2025, the token dropped again.
Now that the payouts, which will range from 54% to 120% of original claims, are about to commence, activity around FTT is rising.
Per CoinMarketCap data, daily volume has jumped 21% in the past 24 hours to reach $26.7 million.
FTX distributions and potential price movement
The FTX bankruptcy estate’s plan to distribute over $5 billion to creditors marks a significant milestone in the exchange’s recovery process.
As CoinJournal highlighted earlier, the anticipation of the announced payouts fueled a 14% surge in FTT’s price.
Some investors see the repayments as positive news that could further bolster market confidence in FTT.
It’s still possible FTX’s collapse in November 2022 continues to constrain FTT, which has plummeted to below $1 since the crypto exchange imploded.
But the token, which peaked at $85 in September 2021, has shown resilience in recent months.
