According to a new survey of FTX creditors, 79% plan to reinvest their payments into crypto. More than half of them plan to buy Solana, and meme coins and AI tokens are also popular.
However, a deeper look into the survey’s methodology suggests a strong bias toward Solana enthusiasts. While some participants may have a genuine interest in other assets, their preferences might not reflect the broader sentiment of all FTX creditors.
FTX Creditors are Likely to Reinvest Funds into Crypto
Since the FTX collapse in 2022, the residual fallout has left deep marks on the crypto space. Earlier this month, liquidators announced that creditors would start getting reimbursed on February 18. Although this caused bullish hype beforehand, market hopes sank when investors began acting skittishly.
However, a new survey claims that most FTX creditors will reinvest in crypto:
“79% of FTX creditors plan to reinvest their repayments into cryptocurrencies, with an average of 29% of their repayment funds allocated for this purpose. 62% intend to buy Solana. One-third of FTX creditors plan to allocate their repayments toward meme coins, and 31% of creditors are prioritizing AI-related cryptocurrencies,” its results claim.
On the surface, this FTX survey looks very bullish, especially for Solana. When the reimbursements began, the exchange’s creditors showed a strong propensity to secure their funds immediately.
However, if these results are accurate, it would be a shot in the arm for several assets. Solana, in particular, has suffered a difficult month and could greatly benefit from fresh investors.
Solana Monthly Price Performance. Source: BeInCrypto
Unfortunately, however, this bullish vision may not materialize. In its methodology, the FTX survey acknowledged that “there is a possibility of biases.”
Apparently, creditors were only eligible if at least 10% of their portfolio consisted of Solana or if they held $100 worth of SOL for over a year. In other words, it seems obvious that eligible participants would be interested in Solana.
Even if the FTX survey is biased in this regard, its data may still be useful in other ways. For example, meme coins have had a tough time in February, and the AI crypto market isn’t looking much better.
If some of these Solana enthusiasts spend their reimbursements on these tokens, it could be a lifeline. However, it’s not a good barometer for the broad pool of FTX creditors.
