The FTX Recovery Trust will start distributing over $ 5 billion in cash and stablecoins to creditors starting on Friday, with funds expected to land in accounts within the next three working days via Bitgo and Kraken.

And there is a chance that this wave of repayments will help lift the Crypto market, analysts at Coinbase wrote in a report Friday.

It is the second major round of refund after the collapse of the exchange. The first, which began on February 18, turned approx. $ 7 billion back to creditors with claims below $ 50,000. It did a little to lift wider crypto markets at the time that remained under pressure from makrovind.

This latest wave of distributions comes as investor mood has changed, the analysts said. Payments arrive at stablecoins and offer recipients immediate liquidity on the chain instead of cash and crypto. It can affect whether the funds are reinvested.

There is also a broader sense of optimism in crypto markets, partly thanks to a rally in greater assets and increased political clarity around regulation. In particular, institutional players may feel more comfortable with acting on incoming funds, especially when Congress is moving closer to the adoption of legislation that would define the roles of US regulators that oversee digital assets.