According to ChainCatcher, crypto analyst Willy Woo tweeted that FTX's bankruptcy liquidation team is selling off assets, including a large amount of locked SOL, and is using legal agreements to sell the locked tokens at a discount to hedge funds.
After buying at a discount of over 60%, the fund hedged price risk by short futures such as SOL, obtaining a risk-free return of approximately 70%-80%. Subsequently, other project teams and funds sold their locked tokens to hedge funds in advance and hedged them through the futures market, thereby transferring the "alpha" that should have belonged to ordinary investors to market-neutral funds. This resulted in the poor performance of most crypto projects from 2023 to 2025, while BTC relatively outperformed.
Woo believes that the selling pressure related to the next round of market movements may have already been released in advance, and suggests that ordinary investors only hold BTC.
