The address, labeled by Nansen as Genesis Trading OTC desk, has insanely accumulated $FTT for 3 weeks and is now holding 38M $FTT(~28% circulation), making it the largest $FTT holder if we don't count the locked tokens in the vesting smart contract.
etherscan.io/address/0x0548…
etherscan.io/address/0x0548…
$FTT has become the biggest ERC20 token in Genesis Trading's wallet, with a total value of $1.5B. The 2nd largest holding is USDC ($188M).
For ppl don't know Genesis:
Genesis is the largest OTC service provider in the crypto space. During Q2 2021, Genesis traded $29B of spot volume.
Genesis is also a liquidity provider for CME Group for Bitcoin futures and Grayscale relies on them for GBTC in-kind subscriptions.
Genesis is the largest OTC service provider in the crypto space. During Q2 2021, Genesis traded $29B of spot volume.
Genesis is also a liquidity provider for CME Group for Bitcoin futures and Grayscale relies on them for GBTC in-kind subscriptions.
Not sure if this wallet is only for OTC trading. If it is, then the size is oversized for $FTT.
$FTT is currently trading at $5.4B marketcap. A $1.5B trade sounds crazy.
$FTT is currently trading at $5.4B marketcap. A $1.5B trade sounds crazy.
Maybe some early investors want to exit without impacting the price and some other whales are willing to take the bag?
Idk. This has never happened before since FTT's launch.
Idk. This has never happened before since FTT's launch.
I made a dashboard on dune analytics to monitor the correlation between price and the wallet balance.
dune.xyz/bensonsuntw/FTT
I don't see the significant correlation for now but we can look at chart afterwards.
dune.xyz/bensonsuntw/FTT
I don't see the significant correlation for now but we can look at chart afterwards.
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