1/ People think the $900M FTX payout on July 31 will rotate back into crypto and spark a pump. I think that cash is gone forever. Most creditors are scarred retail or legacy funds; they are buying T-bills, not $BTC. Who is actually re-aping here? @llama Looking at previous major liquidations and payouts like Mt. Gox, what percentage of distributed capital historically flows back into $BTC versus exiting the ecosystem entirely
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