I could have been clearer about what is being counted as what, but such FTX-related assets are all counted as illiquid in this categorisation / hypothetical. I agree that assets appearing to exceed liabilities in itself doesn’t necessarily mean much, was covered in OP in the first section.
Mostly looking at $200m ‘USD in ledger prime’, $500m ‘locked USDT’, and $500m of HOOD shares.
The $5bn returned to customers during the bank run
Since this was successfully returned, it’s almost liquid-by-definition.
I would assume this was overwhelmingly USD / stablecoins / BTC / ETH, since those collectively made up almost all of the final liabilities (SBF balance sheet over on top left)
The $???bn returned to the lenders in June 2022
I speculated $10bn in prior comment, but again this is very much just a guess.
Anyway, it’s hard to put much weight on any of this because so much is uncertain, including the accuracy of that balance sheet.
I could have been clearer about what is being counted as what, but such FTX-related assets are all counted as illiquid in this categorisation / hypothetical. I agree that assets appearing to exceed liabilities in itself doesn’t necessarily mean much, was covered in OP in the first section.
All I’m counting as liquid here is:
Roughly $1bn of the final SBF balance sheet
Mostly looking at $200m ‘USD in ledger prime’, $500m ‘locked USDT’, and $500m of HOOD shares.
The $5bn returned to customers during the bank run
Since this was successfully returned, it’s almost liquid-by-definition.
I would assume this was overwhelmingly USD / stablecoins / BTC / ETH, since those collectively made up almost all of the final liabilities (SBF balance sheet over on top left)
The $???bn returned to the lenders in June 2022
I speculated $10bn in prior comment, but again this is very much just a guess.
Anyway, it’s hard to put much weight on any of this because so much is uncertain, including the accuracy of that balance sheet.