ETH Whales Frontload $925 Mln FTX Tokens Before Major Deal

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Major Ethereum whales may have traded on insider information before FTX announced an expansion into Canada on Friday, on-chain data shows.

“BlueWhale0016” adds 33 mln FTX Tokens

According to the whale transaction tracker WhaleStats, a Wallet address named “BlueWhale0116″’ single handedly added $782.6 million worth of FTX tokens. This acquisition added over 33 million FTT tokens in just 2 transactions. The wallet added $462.7 million worth of FTX tokens in the biggest transactions.

“BlueWhale0116” added another $319.9 million worth of FTT tokens in the second transaction. As of now, the wallet address is holding around $472 million worth of FTX tokens. Meanwhile, other Whale wallets named “Bonobo” and “BlueWhale0079″ added 3 million FTT tokens (approx worth $142 million) each.

It is important to note that these transactions took place before the deal was announced. Since then the token price jumped by over 4%. The FTT token is trading at an average price of $24.46, at the press time. However, the FTX prices have slumped by around 13% in the past 7 days. It is still holding a market cap of around $3.32 billion.

FTT slips Shiba Inu

The whale transactions have helped FTT to flip the Shiba Inu token as the biggest coin held by the top ETH whales by the dollar value. As per the data, top whales are holding around $762 million worth of FTX tokens.

One of the world’s largest cryptocurrency exchanges, FTX is obtaining Bitvo Inc. It is reported that the Canadian crypto exchange is regulated by all 13 commissions of the nations. This move has landed amid increased volatility in the global cryptocurrency market. The cumulative crypto cap has declined to stand at $900 billion.

However, the terms of the acquisition haven’t been revealed by FTX or Bitvo. Meanwhile, it is expected to close by the third quarter of this year within the view of pending regulatory approval.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
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