FTX还款向债权人开始，但加密市场反应负面反应

经过几个月的等待，FTX还清债权人终于开始了。然而，尽管人们普遍认为这将是看涨的信号，但加密货币市场如今仍处于红色状态。

Months after the major crypto exchange FTX collapsed and filed for bankruptcy, its creditors have finally begun receiving their long-awaited repayments. However, despite expectations that this would be a bullish signal for the crypto markets, digital assets are broadly down on the day.

主要加密交易所FTX倒闭并申请破产几个月后，其债权人终于开始收到期待已久的还款。但是，尽管期望这对加密货币市场来说是看涨的信号，但当天数字资产大致下降。

The exchange’s defunct FTT token did briefly spike, continuing to gain in conjunction with the major repayment announcement. However, the token fell sharply as analysts struggled to make a clear prediction for the future direction of the بازار.

该交易所已解决的ftt代币确实短暂地飙升，并继续与重大还款公告一起获得。然而，随着分析师努力为بزز援者的未来方向做出明确的预测，代币急剧下降。

FTX Repayments Finally Arrive

FTX还款终于到达

When FTX collapsed in 2022, it sent shockwaves throughout the entire industry and caused billions of dollars in losses for its users.

当FTX在2022年倒闭时，它在整个行业中派出了冲击波，并为其用户造成了数十亿美元的损失。

The fallout from the crash itself has largely subsided, but one key issue that has remained throughout the entire process is the matter of creditor reimbursements.

坠机本身的后果在很大程度上消退了，但是在整个过程中仍然存在的一个关键问题是债权人报销的问题。

After months of waiting, a development on this front has finally been realized. Former FTX users have begun reporting that their repayments are finally arriving.

经过几个月的等待，这方面的发展终于实现了。前FTX用户已经开始报告他们的还款终于到了。

However, a concerning trend may be forming in the markets today. Most members of the crypto community assumed that, as FTX began the process of issuing repayments, this would serve as a bullish incentive.

但是，当今市场可能会形成有关趋势。加密社区的大多数成员都认为，随着FTX开始发行还款的过程，这将是看涨的激励措施。

In essence, this initial phase of repayments would be injecting roughly $1.2 billion in liquidity into the بازار, and it would be going directly into the hands of veteran traders. By all accounts, this should help to bolster asset prices.

从本质上讲，最初的还款阶段将向ززز援者注入大约12亿美元的流动性，它将直接落入资深商人的手中。从所有人的角度来看，这应该有助于提高资产价格。

The FTX repayments have begun, but the بازار is showing anything but bullish price action. The platform’s defunct token, FTT, recently bucked the بازار by gaining while the largest assets declined.

FTX还款已经开始，但是除了看涨的价格行动外，其他任何东西都显示出任何东西。该平台已通知的令牌FTT最近通过获得的，而最大资产下降，从而震惊了这些平台。

FTT briefly spiked in accordance with this trend, but it already sank back down. Meanwhile, the largest crypto assets are posting uniformly negative returns.

FTT根据这一趋势短暂地峰值，但它已经沉没了。同时，最大的加密资产正在发布统一的负回报。

Several prominent industry analysts have already reacted with alarm to this development. Theoretically, the FTX repayments were supposed to herald an altcoin season.

几位著名的行业分析师已经对这一发展感到惊讶。从理论上讲，FTX还款本来应该为Altcoin季节预示。

Users were being repaid based on the value of their tokens in 2022, with an attached interest rate. This would generally be lower than their rate of growth, encouraging future investment.

用户根据其代币的价值在2022年的价值偿还，并附有利率。这通常低于其增长率，鼓励未来的投资。

“These are some of the trickiest conditions to navigate in a long, long time,” the analyst Miles Deutscher said in a series of social media posts.

分析师Miles Deutscher在一系列社交媒体帖子中说：“这些是在很长一段时间内导航的最棘手条件。”

“This feels more like a paradigm shift than a capitulation bottom. The amount of bullish news we’re getting right now is insane. A few months ago we’d be flying on headlines like these. But it can’t even budge markets. Just shows how demand has dried up.”

“这感觉更像是范式的转移，而不是投降底部。我们现在得到的看涨新闻是疯狂的。几个月前，我们将登上这样的头条新闻。但这甚至无法放松市场。只是说明需求如何干燥。”

A few factors might explain this lack of momentum. First of all, the crypto markets are very chaotic at the moment, and existing bearish momentum hasn’t helped anything.

一些因素可能解释了这种缺乏动力。首先，加密货币市场目前非常混乱，现有的看跌势头并没有任何帮助。

Second, meme coins have swallowed a lot of altcoin demand, dampening enthusiasm for many token projects. Investors that may have chosen these altcoins in 2022 have other plans today.

其次，Meme硬币吞没了许多Altcoin需求，对许多令牌项目造成了损害的热情。可能在2022年选择这些Altcoins的投资者今天还有其他计划。

Above all, however, we’re in an unprecedented moment. Last year, the Bitcoin ETFs caused the halving to break trends present in all prior halvings.

但是，最重要的是，我们处于空前的时刻。去年，比特币ETF导致在所有先前的过度中间的趋势中的一半打破趋势。

Since then, institutional investment in crypto has flown to all-time highs, and we live in a world of billion-dollar scams. The FTX repayments didn’t cause the desired effect, and nobody knows their actual impact. It’s all in the air.

从那时起，对加密货币的机构投资已飞向历史最高点，我们生活在十亿美元的骗局中。 FTX还款并没有引起预期的效果，没有人知道它们的实际影响。一切都在空中。