Crypto analytics firm Santiment says that exchange tokens recorded some of the largest price declines after the collapse of the FTX trading platform.
According to Santiment, in 10 days crypto whales sold off over 30% of their FTT holdings and 0.4% of their Crypto.com holdings.
In the case of Huobi Global, Santiment says that the crypto whales increased their holdings by over 17% over the same period.
“Exchange tokens saw the biggest price drops in the past 7 days, which isn’t a surprise. But what are sharks/whales doing with their coins?
FTT (-36%): Dumped 30.9%
HT (-21%): Added 17.7%
CRO (-14%): Dumped 0.4%”
FTT, HT and CRO are trading at $1.63, $4.64 and $0.0696, respectively, at time of writing.
Over the past two weeks, during which reports of liquidity challenges at FTX arose prior to the trading platform declaring bankruptcy, FTT is down by over 90%.
Following the liquidity troubles that enveloped FTX, questions also arose over Crypto.com’s digital asset reserves forcing its CEO Kris Marszalek to come out publicly to try and restore confidence. CRO is down by 36% over the past two weeks.
And as the FTX debacle unfolded, Huobi Global, which counts the founder of the Tron (TRX) blockchain as an advisor, announced that it would facilitate the holders of Tron-based tokens to move their assets from FTX to Huobi. HT is down by 47% over the last 14 days.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Stavtceva Iana