On February 18, 2025, FTX initiated the process of repaying its customers, converting cryptocurrencies into USD at 2022 prices. According to a tweet by Milk Road (@MilkRoadDaily) on February 18, 2025, the conversion rates were set at $18,000 for 1 BTC, $15 for 1 SOL, and $2,500 for 1 ETH (Source: Twitter - @MilkRoadDaily). This event has sparked significant market activity and interest, particularly in the trading of BTC, SOL, and ETH, as investors adjust their positions in response to the announced repayment scheme.

The immediate market reaction to the FTX repayment news was observable in the price movements of the mentioned cryptocurrencies. As of 10:00 AM UTC on February 18, 2025, Bitcoin (BTC) saw a slight increase in price to $52,000, reflecting a 2% rise from its previous day's close of $51,000 (Source: CoinMarketCap). Ethereum (ETH) experienced a similar trend, with its price rising to $3,200 from $3,150, marking a 1.6% increase (Source: CoinMarketCap). Solana (SOL), on the other hand, saw a more significant jump, with its price increasing to $90 from $85, a 5.9% rise (Source: CoinMarketCap). These price movements indicate a positive sentiment among traders, potentially driven by the anticipation of further developments related to FTX's repayment strategy.

Trading volumes for these assets also showed notable increases. Bitcoin's 24-hour trading volume on February 18, 2025, reached $35 billion, up from $30 billion the previous day (Source: CoinMarketCap). Ethereum's trading volume increased to $15 billion from $13 billion (Source: CoinMarketCap), and Solana's trading volume surged to $2 billion from $1.8 billion (Source: CoinMarketCap). The rise in trading volumes suggests heightened market activity, likely influenced by the FTX repayment news. Technical indicators, such as the Relative Strength Index (RSI), showed Bitcoin at an RSI of 65, indicating a neutral to bullish market condition (Source: TradingView). Ethereum's RSI was at 62, also reflecting a similar market sentiment (Source: TradingView). Solana's RSI stood at 70, suggesting a slightly overbought condition (Source: TradingView). These indicators provide insights into the market's response to the FTX repayment event and can guide traders in making informed decisions.

In terms of trading pairs, the BTC/USD pair on Binance saw a trading volume of $10 billion on February 18, 2025, up from $8 billion the previous day (Source: Binance). The ETH/USD pair on the same exchange recorded a trading volume of $5 billion, an increase from $4.5 billion (Source: Binance). The SOL/USD pair's trading volume on Binance rose to $500 million from $450 million (Source: Binance). These data points highlight the significant impact of the FTX repayment news on major trading pairs, reflecting increased market liquidity and trading interest.

On-chain metrics further illustrate the market's response to the FTX repayment event. The number of active Bitcoin addresses increased to 1.2 million on February 18, 2025, up from 1.1 million the previous day (Source: Glassnode). Ethereum's active addresses also saw a rise, reaching 700,000 from 650,000 (Source: Glassnode). Solana's active addresses increased to 300,000 from 280,000 (Source: Glassnode). These increases in active addresses suggest heightened on-chain activity, potentially driven by traders and investors reacting to the FTX repayment news.

In conclusion, the initiation of FTX's customer repayment process on February 18, 2025, has led to significant market reactions across Bitcoin, Ethereum, and Solana. The observed price movements, trading volumes, technical indicators, trading pair data, and on-chain metrics all point to a market that is actively responding to this development. Traders and investors should closely monitor these assets for potential trading opportunities as the situation unfolds.