Crypto analytics firm Santiment claims that exchange tokens saw some of the biggest price drops after the collapse of the FTX trading platform.
According to Santiment, in 10 days, crypto whales sold over 30% of their FTT holdings and 0.4% of their Crypto.com holdings.
In the case of Huobi Global, Santiment claims that crypto whales grew their holdings by more than 17% over the same period.
“Exchange tokens have seen the biggest price declines in the last 7 days, which is no surprise. But what are the sharks/whales doing with their coins?
TTF (-36%): dumped 30.9%
HT (-21%): Addition of 17.7%
CRO (-14%): 0.4% undervalued”
FTT, HT and CRO are trading at $1.63, $4.64 and $0.0696 respectively at the time of writing.
Over the past two weeks, in which reports of liquidity issues at FTX have been reported before the trading platform to declare bankruptcy, FTT is down more than 90%.
Following liquidity issues that have enveloped FTX, questions have also arisen over Crypto.com’s digital asset reserves, forcing its CEO Kris Marszalek to come out publicly to try to restore trust. CRO is down 36% in the past two weeks.
And as the FTX debacle unfolded, Huobi Global, which counts the founder of the Tron (TRX) blockchain as an advisor, announcement that it would make it easier for Tron-based token holders to move their assets from FTX to Huobi. HT is down 47% over the last 14 days.
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
Feature image: Shutterstock/Stavtceva Iana