According to FTX's court filing, the bankrupt crypto exchange argues that Three Arrows Capital (3AC) is owed nothing for its $1.53 billion recovery claim, stating that 3AC's own high-risk trading strategies caused its collapse during the 2022 crypto market downturn. FTX lawyers noted that 3AC's account value was only $284 million on June 12, 2022, and that FTX's liquidation actions benefited 3AC, with potential implications for FTX creditor distributions and broader market volatility as the hearing approaches on August 12.

According to André Dragosch, Bitcoin spot exchanges are experiencing the highest selling pressure since the 3AC collapse in June 2022. Despite this, the price remains near 100k USD, indicating seller exhaustion. This could suggest a potential stabilization or bounce-back opportunity for traders as the market absorbs the selling pressure.