Crypto derivatives platform FTX came up with a rumor about its acquisition of BlockFi. This increased interest in FTT, FTX’s altcoin project. According to the data, whales have purchased large quantities from FTT in the last 24 hours. Here are the details…
Whales have this altcoin in focus
Bonobo, which is among the Ethereum (ETH) whale wallets, has added more than $ 877 million in FTX tokens (FTT) to its wallet in the last 24 hours. So, almost $381.4 million in FTT is in the whale’s wallet. This massive accumulation came amid ongoing speculation that FTX will acquire BlockFi, as we reported on cryptokoin.com. According to Whalestats, the FTT token has become the most popular choice for ETH whales. FTT is one of the most purchased tokens in the last 24 hours. The wallet currently holds a total of $460 worth of FTX tokens.
However, another whale named “BlueWhale0079” bought 16 million FTT. The purchase was valued at approximately $384 million. The largest recorded transaction was worth $235.9 million. In total, the 100 largest ETH whales have FTT of close to $500 million.
Recent purchases have not had a serious impact on FTT’s price. FTT is trading at $24.79, up 5.7 percent at the time of writing. The cryptocurrency lost 5.9 percent on a weekly basis. It is changing hands as much as 70 percent below its all-time high (ATH) of $84 recorded on September 9, 2021.
FTX on the eve of a big deal
There’s a reason why whales focus on FTT. Reports have surfaced that powerful crypto exchange FTX is in the final stages around its deal to buy BlockFi, with a valuation of just $25 million. The news comes after reports surfaced that FTX had agreed to a buyout deal for Celsius after seeing CeFi’s balance sheet. If the acquisition happens at the reported valuation, it would be a huge hit for BlockFi stockholders after valuing nearly $5 billion amid the bull market action last year.
That $25 million figure, however, could move heavily between today’s reports and closing time. A successful purchase will of course take months to complete. BlockFi CEO Zac Prince described the figure as “market rumors”. He flatly denied the figure, stating in a tweet that they were “not sold for $25 million.” According to other allegations, Ledn has submitted a new proposal for the crypto lending company. The company talks about funding BlockFi rather than a full purchase. Ledn will reportedly lead the funding round of up to $400 million while contributing $50 million in equity.
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