Crypto analytics firm Santiment says exchange tokens have recorded some of the biggest price drops after the collapse of the FTX trading platform. Pointing out that whales are selling in particular, Santiment drew attention to certain stock market coins. Meanwhile, whale watching platform Whale Stats has released a list of five coins sold in the last 24 hours. Here are the details…
Santiment says exchange tokens are being sold
Santiment says that in the midst of the FTX debacle, crypto whales are either selling or buying FTX (FTT), Huobi Global (HT) and Crypto.com (CRO) exchange tokens. According to Santiment, crypto whales disposed of more than 30 percent of their FTT holdings within 10 days. It also sold 0.4 percent of Crypto.com assets. In the case of Huobi Global, Santiment says crypto whales have increased their holdings by over 17 percent over the same period.
“These exchange tokens have recorded the biggest price drops in the last seven days,” Santiment tweeted. Noting that this was not a surprise, however, the analysis platform shared the list below. While sharing, “So what do sharks/whales do with their money?” said.
- FTT (-36%): Sold 30.9 percent.
- HT (-21%): Added 17.7 percent
- CRO (-14%): Down 0.4 percent
Why were the stock markets in trouble?
FTT, HT and CRO are trading at $1.63, $4.64 and $0.0696 respectively at the time of writing. Over the past two weeks when reports of liquidity difficulties in FTX surfaced before the trading platform declared bankruptcy, FTT has dropped over 90 percent. In the wake of the liquidity woes plaguing FTX, questions have also arisen regarding Crypto.com’s crypto-asset reserves. The exchange’s CEO, Kris Marszalek, has made its reserves public to try to restore trust. CRO has dropped 36 percent in the past two weeks.
As the FTX debacle unfolded, Huobi Global, which acknowledges the founder of the Tron (TRX) Blockchain as an advisor, announced that it will make it easier for Tron-based token holders to move their assets from FTX to Huobi. HT has dropped 47 percent in the last 14 days. However, as seen above, the number of whales holding the Huobi token has increased.
Ethereum is also on the sale list of the biggest whales
Meanwhile, Whale Stats, which offers various data on whales, listed what the top 100 Ethereum whales sold last. According to data on the platform, whales have sold $40,630 worth of USD Coins in recent days. As we have also reported on Kriptokoin.com, USDC is a stablecoin pegged to the US dollar. On the other hand, they sold AAVE for $11,365. Selling $ 4,405 ETH, whales sold $ 728 vETH and $ 407 BOBA.
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