Altcoins

$876m of FTT sold as investors look forward to diversification

The native token of the cryptocurrency alternate FTX, FTT is among the prime 25 greatest cryptocurrencies on the planet. The token was in a special boat up till June 2022.

In reality, the skepticism surrounding the risky market impacted FTT’s buyers which led to one of many largest bouts of promoting famous this yr.

FTT not up for grabs?

The cryptocurrency does have the backing of one of many greatest crypto exchanges on the planet. However, buyers will not be betting on FTT as a result of broader market cues. Consequently, FTT buyers have been shedding their holdings because the starting of the yr.

Well, since January, about 45.47 million FTT tokens have been offered again to exchanges. This cumulatively quantities to about $1.25 billion.

The greatest lot of promoting came about after 13 June when buyers despatched again 31.87 million FTT tokens leading to promoting value greater than $876 million.

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Here the buyers’ actions are fully justified since FTT has been among the many worst performers for greater than a month now.

After sinking by 56.57% between March and June, the token tried a restoration. But solely managed to rise by 20.84% from its June lows. And, to make issues worse, the token would possibly witness one other downtrend quickly.

FTTUSD 2022 07 27 19 08 18

FTT value motion | Source: TradingView – AMBCrypto

This time round, it looks as if FTT holders have determined to go fully quiet and make no strikes in any respect.

The on-chain Velocity of FTT has come down considerably. Thus, indicating that the speed at which the token adjustments palms has been decreasing.

FTX Token FTT 19.08.14 27 Jul 2022

FTT velocity | Source: Santiment – AMBCrypto

Moreover, buyers are refraining from conducting transactions on the community. In all equity, they don’t seem to be mistaken to take action. This is as a result of, on 26 July, FTT famous the very best quantity of loss-bearing transactions after virtually two months.

In a single day, over $22.3 million value of FTT tokens had been moved round beneath the value they had been purchased at.

FTX Token FTT 19.08.04 27 Jul 2022

FTT transactions in loss | Source: Santiment – AMBCrypto

Now, if the altcoin ever decides to get better, it is going to want the help of its holders.

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