Over $2B in “lost” Bitcoin to hit markets this month creating sell pressure within fragile $67k–$74k range

FTX's estate is set to distribute approximately $2.2 billion in bankruptcy recoveries to eligible creditors starting March 31, marking the largest distribution since May 2025. This significant liquidity event coincides with Bitcoin trading around $70,000, entering a thinly accumulated on-chain zone between $72,000 and $82,000, according to Glassnode. The market is currently characterized by absorption, with short-term holders realizing profits near $74,000. The impact of the FTX cash depends on its recycling rate back into crypto; for instance, a 10% recycle rate ($220 million) could affect short-term price action, while a 20% rate ($440 million) would become a meaningful marginal bid. Analysts note this distribution follows the March options expiry, which could introduce headwinds as dealer hedges unwind. The outcome hinges on whether this recycled liquidity can overcome existing profit-taking and market fragility, potentially pushing BTC toward $78,000 if recycling is strong, or causing a drop toward $64,000 if recipients de-risk.

(Source：CryptoSlate)