FTX creditors are set to receive over $5 billion in distributions starting May 30, as part of the second phase of the bankrupt exchange’s court-approved recovery plan, the FTX Recovery Trust said Thursday.

The estate will pay out to four classes of creditors, with recoveries ranging from 54% to 120% of their original claims. The amounts are based on the U.S. dollar value of customer holdings at the time of FTX’s collapse in November 2022.

BitGo and Kraken, two custodians overseeing the distribution process, are expected to transfer funds to eligible claimants within one to three business days from May 30.

The payout breakdown includes “Class 5” creditors, or Alameda Research counterparties, lenders, and trading vendors, who are set to receive between 54% and 72% of approved claims.

Small, unsecured claimants are recovering about 61%. Meanwhile, intercompany claims involving FTX’s various subsidiaries are being repaid at 120%.

Over 90% of all claims have entered the distribution pipeline, the Repayment Trust said in its release.

XRP fell over 4% in the past 24 hours, leading losses among major cryptocurrencies as the broader market stalls after last week’s sharp rally.

Bitcoin continues to hover above $104,000, with traders predicting a steady rise past $105,000, a level now acting as both psychological and technical resistance.

The crypto market’s total capitalization declined 2% to $3.3 trillion, according to CoinGecko, with majors such as Ethereum (ETH) and Solana (SOL) also pausing near their 200-day moving averages — a region that may either signal consolidation or the start of a short-term pullback.

“Bitcoin has been smoothly forming a top for the past seven days,” said Alex Kuptsikevich, chief market analyst at FxPro. “This kind of setup typically signals a correction is due, especially when paired with slippage in equities and profit-taking in gold.”

The Crypto Fear & Greed Index dipped slightly from 73 to 70, still in “greed” territory but suggesting momentum has faded.

SignalPlus’s Augustine Fan said markets may continue to grind higher unless equities roll over, but warned that BTC is likely to struggle against interim resistance at $105,000. He noted Ethereum may benefit more in the near term as part of a broader crypto uptrend, especially with improving inflows and relative strength in altcoins.

Fan also reiterated a macro shift in capital allocation that favors crypto. “We think the ‘anti-dollar’ ledge is more structural this time around,” he said. “Investors are increasingly rotating into emerging markets, precious metals, and crypto as a way to hedge geopolitical and currency risk.”

BTC’s recent rally appears to be fueled by spot market demand, not excessive leverage, according to K33 Research. That undercurrent of buying, especially from retail and Asia-based wealth managers, could help sustain bullish sentiment, even if near-term price action remains range-bound.

Nick Ruck of LVRG Research added that the lull in price may stem from caution ahead of upcoming macroeconomic data and concerns about the longer-term impact of recent U.S. trade deals.

«The lull in activity may stem from anticipated volatility ahead of future macroeconomic and policy reports, along with investor reactions to inflation fears from American consumers that drove less spending in the country last month,» Ruck said.

«Traders are cautiously bullish as the US trade deals push prices higher, but concerns remain about the long-term impact from tariffs after the deals with major trading partners have been finalized,» he added.

For now, markets are holding their breath just below key breakout levels, with the next decisive move likely to reset direction across the board.

The U.S. Department of Justice will drop part of one count of its case against Tornado Cash developer Roman Storm due to a recent policy memo, the agency said Thursday.

The DOJ will not go to trial on a charge alleging Storm failed to comply with money transmitter business registration rules, but still plans to go to trial in July over allegations he knowingly transmitted funds tied to crimes, conspired to commit money laundering and conspired to violate sanctions law, the DOJ said in a letter filed to the judge overseeing its case.

«The Government writes to update the Court regarding this case, which is scheduled for trial on July 14, 2025,» the letter said. «After review of this case, this Office and the Office of the Deputy Attorney General have determined that this prosecution is consistent with the letter and spirit of the April 7, 2025 Memorandum from the Deputy Attorney General.»

The April 7 memo, authored by Deputy Attorney General Todd Blanche, directed prosecutors not to pursue cases where regulations may be unclear, or did not meet certain criteria, specifically saying the DOJ should end «regulation by prosecution.» Prosecutors in another case against the developers of crypto mixer Samourai Wallet have already asked a judge overseeing that case to pause it while they consider the memo.

In a statement, Brian Klein of Waymaker LLP told CoinDesk that his firm, which represents Storm, believes «that this case should never have been brought.»

«Its dismissal would be consistent with the policies of the Trump Administration and the principles outlined by the Department of Justice in its recent cryptocurrency guidance memo,» he said. «Roman’s prosecution is a threat to the entire crypto industry and the interests of justice will be best served by its swift dismissal. We will not cease to fight for Roman and that result.»

Klein spoke at CoinDesk’s Consensus 2025 conference in Toronto on Wednesday, where he also shared his view that the case should not have been brought.

«One of the defenses we’ve raised, which is recognized in the U.S., is that coding — literally typing out code — you are given free speech protections for coding,» he said. «It’s just as if you wrote a book or you did some other type of expressive activity.»