A giant whale transferred 23M $FTT($530M) to #Binance yesterday.
After that, the price of $FTT began to gradually decrease, from $25.4 to $22.82, a decrease of 10%.
What happeded to $FTT?
1.
Here is a thread.🧵
2.
On Nov. 2, @CoinDesk posted that according to a private financial documents reviewed by CoinDesk, it showed a glitch in Alameda’s balance sheet.
coindesk.com/business/2022/…
3.
@MikeBurgersburg posted an article titled "IS ALAMEDA RESEARCH INSOLVENT?" and received a like from @cz_binance.
Meanwhile, @cz_binance tweeted "Crypto is high risk.", seemingly alluding to Alameda.
4.
Just 2 hours after @cz_binance tweeted, the whale transferred 23M $FTT to #Binance and started to sell.
So many people think that this whale may be Binance.
5.
So will $FTT crash?
We did an analysis on $FTT.👇
6.
$FTT Tokenomics
According to @coingecko, the current total supply of $FTT is 328,895,112 $FTT and the circulating supply is 133,618,094 $FTT.
Here are the token distribution and supply schedule of $FTT.
coingecko.com/en/coins/ftx-t…
7.
Here is the top 50 holders of $FTT.
They hold a total of 322.72M $FTT($7.44B), accounting for 98.12% of the total supply.
$FTT is highly concentrated in a small number of addresses.
8.
Among the top 50 holders.
Alameda & FTX holds a total of 245M $FTT($5.65B), accounting for 74.51% of the total supply.
Binance holds a total of 24.35M $FTT($56M), accounting for 7.4% of the total supply.
9.
We analyzed the addresses with a net asset value of more than 1w USD of Alameda and found that Alameda only has $180M assets, of which the stablecoin assets are less than $60M.
10.
Next, We analyzed FTX's two wallets and found that FTX holds assets worth $2.71B, of which nearly $1.2B worth of $FTT.
Stablecoin assets are about $240M.
11.
So FTX & Alameda currently holds about $300M of stable currency assets.
These stable currency assets are not enough to buy 60% of the 23M $FTT transferred by this whale.
So once the big whales start to sell $FTT, it is very likely that $FTT will crash.
12.
If you hold $FTT or plan to short/long $FTT, be sure to keep an eye on the big whales.
Join our group and we'll send you alerts about $FTT.
t.me/lookonchain
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