Is FTX Selling Assets? Which Tokens Should You Keep an Eye On?

Gita1999

"Is an FTX Asset Sell-Off Imminent?

In FTX's recent hearing, they indicated that they would sell, collateralize, and hedge cryptocurrencies worth $3 billion to return funds to creditors. Are there any potential trading opportunities in this?

Here are some tokens to keep a close eye on:

FTX owes users a total of $8.7 billion, of which $7 billion has already been recovered. They initially stated that the third report would be submitted in August, but there have been no updates so far. From on-chain data, it can be observed that FTX has cross-chain transferred over $6.23 million worth of ETH and over $4 million worth of other tokens to Ethereum in the past four days. Address: 0x9ade1c17d25246c405604344f89E8F23F8c1c632

The tokens being prepared for sale include:
- $1.2 million worth of FTT
- $1.8 million worth of UNI
- $1.3 million worth of HXRO
- $550,000 worth of SUSHI
- $260,000 worth of FRONT

There are also smaller amounts of ALEPH, AKRO, LINK, WBNB, SXP. Interestingly, there are 5.5 million LUNA tokens worth only $500.

While amounts around $1 million may not sound alarming, the daily trading volumes for these smaller coins are very low. A sudden increase in selling pressure by tens of thousands of dollars could lead to significant price fluctuations.

The 24-hour trading volumes for the following three tokens are much lower than the number of tokens held by FTX:
- FTT - $16 million
- HXRO - $2,577
- SUSHI - $8 million

The next moves in FTX's wallet are worth keeping an eye on.

Among several nerve-wracking transaction records, there is even a transfer from an unknown wallet. They transferred 2 FUC tokens to the FTX wallet, worth $0.12.

Seizing the opportunity while FTX is selling off assets, someone decided to transfer some junk tokens to the wallet, along with a cheeky reference to the meme coin's name, adding an element of mockery directed at FTX."