According to an FTX internal chat record submitted by the U.S. Commodity Futures Trading Commission (CFTC) on Wednesday, on the night of November 6, when FTX executives monitored the change in FTT price and the effect on the wider digital asset market, a An Alameda executive who asked not to be named said, I’m surprised BTC didn’t fall more, and former Alameda Research CEO Caroline Ellison responded, “Me too, and SBF agrees.”
While Bitcoin was only down 2% around these news, Bitcoin itself lost more than $100 billion in market value in the week before FTX filed for bankruptcy, falling from $21,300 to $16,000 at its worst on November 10. Below the U.S. dollar, losses were as high as 25%.