Thread by @lookonchain

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.

https://twitter.com/MikeBurgersburg/status/1588481507412279296

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.

https://twitter.com/AutismCapital/status/1588933383501275142

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