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Home Exchanges

Fud in the crypto markets: FTT investors giving in to panic?

by Ashutosh Thakur
November 7, 2022
in Exchanges
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Fud in the crypto markets: FTT investors giving in to panic?
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Chain overreaction – Revelations about the amount of FTX Token (FTT) in Alameda Research’s balance sheet have ignited a systemic backdrop that, these days, is only looking to ignite. The Binance CEO Statements in this regard, push the token a little further into the red. The misfortune of some makes the happiness of others?

FTT: are short positions taking over?

After Changpeng Zhao announced that the crypto exchange would liquidate its holdings of FTT, traders did not wait long to hedge against a possible drop in the token. CZ had however promised that the operation would extend over several months, to minimize its impact on the markets.

>> The fud and the rumors have no hold on you? Sign up on FTX (commercial link) <<

According to data from CoinGlass, open interest on FTT futures fell from $87.56 million to $203 million since the start of Asian hours. He has then more than doubled, and hit a 12-month high. The funding rate meanwhile fell at an annualized rate of -36%, according to data from Matrixport Technologies.

This explosion of open interest combined with the negative financing rate are strong signals of a probable short position on the FTT by traders. The token is currently recording a loss of around 4.40% on a daily basis.

Despite crisis, Changpeng Zhao and Sam Bankman-Fried expressed restraint and mutual respect in their Twitter exchanges regarding this strategic shift for the world’s #1 exchange. In fact, these declarations of intent did not prevent the CEO of Binance from firing red bullets at its competitor FTX, and seizing the opportunity to plunge the FTT token.

You have the right not to understand anything about this case. On the other hand, not being interested in Bitcoin is unforgivable! Don’t wait any longer to prepare for the future en going to register on the FTX platforma platform audited by financial administrations on all continents (commercial link).

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