FTX’s collapse dealt a major blow to the already fragile sentiment among cryptocurrency investors. Although a quick recovery is unlikely, Blockchain analysis firm Chainalysis said that the crypto universe could emerge stronger from this crisis. Chainalysis’ research lead Eric Jardine arrived to the conclusion after comparing FTX’s fall to that of Mt. Gox.
Another calming statement came from Bloomberg Intelligence exchange-traded fund (EFT) analyst James Seyffart, who said that there was a “99.9% chance” that the Grayscale Trust (GBTC) held the Bitcoin (BTC) it claimed. He added that GBTC was “unlikely” to be liquidated.