Whales owning from around $270K to $2.7M worth of FTT have dumped heavily last week:
We have never seen this before for FTT. Quite a significant drop.
Whales have been accumulating all the way up to June 2022.
And it looks like now they are feeling really bad for FTX tokens.
Crypto exchange FTX’s subsidiaries in Gibraltar and the Bahamas have received licenses from local regulators - does it sound bullish for FTT token? We're not so sure. But it's onchain data is quite outstanding today.
Have a look.
Onchain activity (active addresses) at all time high:
Network growth is similar, at all time high:
Whales balances at all time high and keep surging:
Perhaps tokens coming to whales from FTX exchange wallet, this is it's balance chart:
All above compared to FTT's pale price action (+3%) this is creating a strong possible bullish divergence. To be taken with a grain of salt of course. Price remains in downtrend. Just nice to keep an eye on FTX next days.
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.