Here’s Why #BTC☀ And #ETH🔥🔥🔥🔥 Price Crashed

Genesis Global Capital, a bankrupt crypto lender, has finally completed its restructuring and is now in the process of repaying its debt to creditors after three years. According to Bloomberg, the lender has now started giving its creditors an immediate distribution of about $4 billion in both cryptocurrencies and fiat currencies.

The distribution details indicate that Bitcoin creditors will receive 51.28% of their claims, Ethereum creditors will obtain 65.87%, and Solana creditors will get only 29.58% of their claims.

As such, Genesis moved over $1.5 billion worth of Bitcoin and Ethereum on Friday, which triggered a wave of market volatility. According to on-chain data from Arkham Intelligence, the firm moved a total of $1.5 billion, which included 16,600 BTC (valued at roughly $1.1 billion) and 166,300 ETH (worth about $521.1 million). Among the notable recipients was billionaire Mark Cuban, who received $19.9 million worth of Ethereum in repayments.