Before cryptocurrency exchange FTX announced expansion to Canada, some whales rushed to FTT. This is thought to be an insider exchange. Altcoin whales attracted large amounts of FTT to their wallets prior to the partnership.
Altcoin whales buy $925M FTX Token (FTT) ahead of big deal
Data provided by WhaleStats shows that a whale named “BlueWhale0116” alone bought 782.6 million FTT. This purchase took place in just 2 transactions and the whale has withdrawn more than 33 million FTT in total. The largest transaction was valued at $462.7 million. With these purchases, FTT has risen to the top of the list of the most purchased altcoins among Ethereum whales, as we have quoted as Kriptokoin.com.
“BlueWhale0116” bought another $319.9 million worth of FTT in the second transaction. As of now, the wallet address holds approximately $472 million worth of FTX Tokens. Meanwhile, two other whales named “Bonobo” and “BlueWhale0079” added 3 million FTT (about $142 million) each.
These transactions took place before the deal was announced.
The price of FTT rose by over 4% after the news. FTX Token (FTT) is trading at an average of $24.00 at the time of writing. However, it has lost more than 10% since last week. Despite this, it maintains its market value of 3 billion dollars.
FTT surpasses Shiba Inu
Whale transactions helped FTT surpass SHIB as the largest token position by dollar value. According to the data, top whales hold around $762 million worth of FTX tokens.
Altcoin whales acted on this news?
FTX, one of the world’s largest cryptocurrency exchanges, is acquiring Bitvo Inc. The Canadian crypto exchange is reportedly regulated by all 13 commissions of the countries. This move comes amid increasing volatility in the global cryptocurrency market. The cumulative crypto cap refused to drop to $900 billion. However, the terms of the purchase were not clarified by FTX or Bitvo. Meanwhile, it is expected to close by the third quarter of this year in light of pending regulatory approvals.
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