Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Friday, September 15th, and today we are talking about how much pressure FTX selling will put on the crypto markets.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the

Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.

Hello, friends, happy Friday. We have lots to catch up on today, starting with what has

emerged as a key narrative. That is, of course, that FDX has been granted approval to begin

selling their crypto assets.

On Wednesday, the bankruptcy judge ratified the sale plan, which was filed in late August.

Galaxy Digital has been appointed as the selling agent.

At last count, FTX said it had $3.4 billion worth of liquid crypto assets to sell.

Galaxy has been authorized to sell $50 million

worth of crypto this week and next week, then $100 million per week after that. Creditors can agree

to increase this amount to $200 million per week on a temporary basis before seeking court approval.

Galaxy has also been given permission to hedge their sales using Bitcoin and Ethereum derivatives

without sizing limits and at their sole discretion. Staking of assets will also be allowed

if Galaxy deems it necessary. During the hearing, the judge questioned the need to sell

crypto rather than distribute it directly to customers. FTX lawyers explained that there was

no meaningful segregation of customer assets, and balances held didn't

line up with customer accounts. They said, quote, it's all part of one pool. There are assets that

are associated with the exchange, we call the dot-com customer pool and the US pool, but they don't

necessarily match customer entitlements. So when we dispose of this, we'll be turning it into

...