FTX’s FTT risks drastic fall as tokens flood exchanges

2022-11-8 19:17

Glassnode data, as analyzed by CryptoSlate, shows that around 50 million FTX’s FTT tokens have been dumped on exchanges following Changpeng Zhao’s announcement that Binance would liquidate its FTT position over the coming months.

Source: Glassnode

Around 23 million FTT tokens ($584.8 million) were transferred to Binance on Nov. 6. CZ confirmed that these tokens were part of its holdings that it was looking to liquidate.

Lookonchain further revealed that a whale address transferred 491,534 FTT tokens ($10.9 million) to Binance at a loss. According to the on-chain sleuth, the whale bought the tokens on August 5 for $29.9 but would be selling at a loss, considering the tokens were trading around $23 as of press time.

FTT risks drastic fall

FTT’s value is at the risk of a drastic sell-off, considering that around 60% of its supply is currently on exchanges.

A trading analyst  Ali Ajouz had identified $16.5 as a support level for FTT in case there was a dump. Ajouz based his prediction on historical data, suggesting that the weighted probability value of the coin is between $22 and $24.

#FTT #FTTUSDT $FTT
worst case scenario based on the historical data:
The weighted probability suggests a fair price between $22 and $24. A loss of the resistance would take us to the 40th percentile of $20.2 as a support point. In case of a dump, we have $16.5 as a support. pic.twitter.com/Y6hI14T290

— Ali Ajouz (@DrAliAjouz) November 6, 2022

However, if the coin were to lose its resistance, it could drop to $20.2 or lower.

This view was corroborated by Alistair Milne, the CIO of Altana Digital Currency Fund, who said the token could drop to as low as $5.

Alameda publicly saying they'll buy everything Binance has at $22 hoping others front-run them…

… because if this support breaks, its going to $5 pic.twitter.com/lTvSJJDdpB

— Alistair Milne (@alistairmilne) November 6, 2022

According to him, Alameda wouldn’t have made a public offer of $22 if they wanted the token; instead, the offer was to prevent the “price crashing through support, not about getting $FTT as cheap as possible.”

But one analyst believes that FTT will recover, saying they are long on its position. If FTT should lose too much value, it could affect the over $2.2 billion loans that Alameda Research obtained using FTT as collateral.

FTT dominates FTX holding

Meanwhile, the Arkham Intelligence dashboard shows that 90% of FTX’s $6.3 billion treasury is in its native token, FTT.

According to the dashboard, the exchange holds 245 million FTT tokens worth $5.52 billion. FTX’s other crypto holdings include $68.27 million of Staked Ethereum, $37 million of Chainlink, $60.16 million of Pax Gold, etc. –the reserve does not include the firm’s Bitcoin holdings.

Its sister company, Alameda research, has a treasury reserve of $165 million. For context, Binance’s treasury is over $43 billion.

Binance USD supply hits all-time high

Binance has continued to consolidate its top position in the crypto space during the bear market. Its stablecoin BUSD supply has hit an all-time high on exchanges, according to the Glassnode data analyzed by CryptoSlate.

Source: Glassnode

BUSD has enjoyed increased adoption and growth after Binance revealed that it was converting it was removing USD Coin (USDC), TrueUSD (TUSD), and Paxos Standard (USDP) as tradeable assets on its platform.

The exchange continued that it would convert its users’ balance in these stablecoins to BUSD. Since then, the stablecoin market cap has grown from under $20 billion to an all-time high of $22.55 billion.

The post FTX’s FTT risks drastic fall as tokens flood exchanges appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

FarmaTrust (FTT) на Currencies.ru

$ 0.019319 (+0.16%)
Объем 24H $0
Изменеия 24h: 4.09 %, 7d: 32.67 %
Cегодня L: $0.019319 - H: $0.019319
Капитализация $11.591m Rank 99999
Цена в час новости $ 0.0143984 (34.17%)

ftt ftx exchanges tokens announcement zhao changpeng

ftt ftx → Результатов: 97


Информация о перезапуске FTX подбросило цену токена FTT

Курс токена FTХ (FTT) вырос на 17% после сообщения о том, что управляющий процессом банкротства биржи FTX Джон Рэй рассматривает вопрос ее перезапуска, пишет РБК Крипто. Стоимость FTT в моменте выросла с $0,99 до $1,16.

2023-5-24 14:47


В жалобе SEC США токен биржи FTX FTT назван ценной бумагой

Комиссия по ценным бумагам и биржам США назвала токен криптобиржи FTX FTT ценной бумагой. Можно предположить, что в будущем она обратит внимание на другие биржевые токены: Если спрос на торговлю на платформе FTX увеличится, спрос на токен FTT может увеличиться, так что любое повышение цены FTT принесёт пользу держателям FTT в равной степени и прямо […] Материал В жалобе SEC США токен биржи FTX FTT назван ценной бумагой появился сначала на WHATTONEWS – Новости криптовалют.

2022-12-22 17:57


FTX продолжает падать, кризис рынка развивается. СМИ сообщают о подключении властей США

История с популярной криптовалютной биржей FTX и ее нативным токеном FTT развивается по все более пугающему сценарию. Крупнейшая криптовалютная биржа Binance, которая вроде бы планировала слияние, решила немного притормозить, а Чанпен Чжао призвал сотрудников не торговать FTT.

2022-11-10 21:49


Биржа деривативов FTX выбрала Coinbase для хранения токенов на $270 млн

Биржа криптовалютных деривативов FTX выбрала кастодиальное подразделение Coinbase для хранения собственных токенов FTT. Coinbase Custody International is excited to have been selected by FTX as their primary 3rd party custodian, including the storage of their $FTT exchange token.

2020-5-23 14:47


Фото:

Binance купила долю в платформе для торговли криптодеривативами FTX

Биржа Binance объявила о стратегическом партнерстве с платформой криптовалютных деривативjd FTX. В рамках соглашения биржа инвестировала в платформу неназванную сумму в обмен на ее токены FTT и долю в акционерном капитале.

2019-12-20 19:28


Binance инвестировала в биржу криптовалютных деривативов FTX

Биткоин-биржа Binance объявила о стратегических инвестициях в платформу криптовалютных деривативов FTX, которую обвиняли в атаке на Binance Futures. #Binance Announces Strategic Investment in FTX and Lists FTX Token (FTT)https://t.

2019-12-20 10:11


Binance invests in cryptocurrency derivatives exchange FTX

Binance, a leading cryptocurrency exchange and blockchain ecosystem, announced today a new strategic investment in cryptocurrency derivatives exchange FTX. In addition to an equity investment, Binance has also taken a position in the FTX token (FTT) to help enable the sustainable growth of the FTX ecosystem, aligning with the broader scope of the partnership.

2019-12-20 06:14