Whales Are Focusing On FTT As Bitcoin Hits $22,000

New data shows that whales on Ethereum are pouring hundreds of thousands of dollars into FTX Token (FTT) as Bitcoin surges to $22,000.

According to whale tracking protocol WhaleStats, the top 500 ETH whales are gobbling up FTT, the native token of the FTX trading platform.

Statistics show that FTT is the third most bought token by deep-pocketed investors, behind only the USD-pegged stablecoin USDC and the ETH-based token of leading smart contract platform Ethereum, with an average buy level of $709,711 and $281,822 respectively.

However, FTT had the highest net gain in inflows as whales sold only $27,030 of the token. USDC and ETH saw outflows of $881,683 and $132,139 respectively.

USDT and BUSD are the remaining 2 most sold stablecoins in the top 5.

Other highlights that made it into the top 10 include the oracle LINK network, stablecoin DAI, token meme SHIB, decentralized exchange platform Serum (SRM), and Ethereum scaling solution Polygon (MATIC).

The data also reveals that FTT is overall the 6th most held token by high net worth ETH whales, behind stablecoins USDC and USDT, Dogecoin competitors ShibDoge (SHIBDOGE) and SHIB.

FTT accounts for just over 3.5% of the whale’s portfolio, with a total value of $224 million. It is trading for $27.41 at press time, up slightly on the day.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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