Oh FTX, you've really outdone yourself this time. As if causing one of the biggest crypto crashes in history wasn't enough, now you're dumping your Bitcoin holdings faster than a hot potato. Turns out FTX sold a massive 22 million shares worth close to $1 billion from the new Grayscale Bitcoin Trust ETF, leaving their ownership sitting at a nice round 0.

I guess we shouldn't be surprised at this point. FTX and their disgraced founder Sam Bankman-Fried were never really interested in using crypto, only in pumping up tokens to extract as much value as possible. Now that the house of cards has collapsed, they're frantically selling every crypto asset in sight to fill the black hole where their balance sheet used to be.

FTX Wreaks Havoc Yet Again

In total, over $2 billion worth of GBTC shares have been sold since the new Bitcoin ETFs launched. A huge chunk of that flood is FTX bailing out faster than the Titanic. The timing really is unfortunate. These ETFs were supposed to bring more mainstream adoption and investment into crypto.

Instead, FTX is crashing the party and dumping these brand new funds just as quickly as they pumped up past shitcoins. The trajectory is painfully familiar:

• First FTX helped destroy investor confidence with the FTT meltdown
• Then they left 1 million creditors in the lurch when they went bankrupt
• Now they're nuking the nascent Bitcoin ETF market right out of the gate

At this rate there won't be any crypto market left for FTX to implode. I mean seriously, is there any part of this industry they didn't manage to wreck in their short, chaotic lifespan?

Cheap BTC for the Rest of Us

I guess the one silver lining from FTX's fire sale is that GBTC shares have been driven down to a discount. The rest of us can now snap up some cheaper Bitcoin exposure, which admittedly isn't the worst consolation prize.

Just be sure to self-custody it instead of leaving your coins on an exchange next time! Especially if that exchange is run by one Sam Bankman-Fried. We all saw how that movie ended.

Can Bitcoin ETFs Recover From This?

Whether the ETF market can ultimately recover from this shock remains to be seen. But one thing's clear: FTX isn't done getting us rekt.

After destroying confidence in centralized exchanges, stablecoins, and half a dozen altcoin projects, now they're sabotaging the market we thought would finally let mainstream investors safely access crypto. With $1 billion dumped unceremoniously right as Bitcoin ETFs went live, it's hard to imagine a more directly targeted attack.

Thanks for nothing, FTX! Why don't you and SBF ride off into the sunset and leave our industry alone from now on! Haven't you done enough damage already?

The Hits Just Keep on Coming

If inflicting maximum damage to crypto markets was FTX's goal, they couldn't have played their hand much better.

• Wipe out investor trust in exchanges? Check.
• Tank the price of Bitcoin and altcoins? Double check.
• Undermine confidence right as ETFs launch? Triple check!

At every twist and turn, FTX has worked methodically to make this industry as inhospitable as possible for average investors. And now retail traders are stuck holding the bag yet again, thanks to SBF and his cronies dumping tokens as fast as they can shred documents.

Well done, FTX. Wellington played Napoleon, and you've pulled it off even more spectacularly. Slow clap for the disgraced boy wonder. Enjoy spending your ill-gotten gains while the rest of us clean up your mess.

Here's hoping the next generation of crypto leaders can rebuild what FTX so callously destroyed. For once, it would be nice to unlock this industry's world-changing potential without sabotage and self-destruction getting in the way.