Crypto analytics firm Santiment says that exchange tokens recorded some of the largest price declines after the collapse of the FTX trading platform.
Santiment says that amid the FTX debacle, crypto whales either dumped or bought the FTX (FTT), Huobi Global (HT) and Crypto.com (CRO) exchange tokens.
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 crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Stavtceva Iana