Amid market uncertainty following Changpeng “CZ” Zhao’s resignation as CEO of Binance, defunct cryptocurrency exchange FTX’s native FTX token (FTT) witnessed a brief bull run. FTT has surged in value over the past 48 hours, trading at $4.63 at the time of writing, up 28% from $3.56.
FTT is experiencing another surge after Binance reached a $4.3 billion settlement with the U.S. Department of Justice, according to On-chain analytics firm Santiment revealed that the 10 largest wallets accumulated $12.8 million in tokens in 19 days.
According to Santiment, FTT has recorded 337% growth on the monthly chart, with a large portion of the growth occurring in the past 10 days, reflecting a 255% increase in FTT’s market capitalization compared to Bitcoin (BTC).
those who seize the opportunity $FTT Continue to get rewards, second rally #FTXNative tokens after yesterday #binance information. The 10 largest wallets accumulated $12.8 million worth of the token in 19 days, pushing its price higher. pic.twitter.com/DL5pkVfW96
— Santiment (@santimentfeed) November 23, 2023
FTX’s recent practice of liquidating assets and moving large amounts of funds between different exchanges has triggered increased activity in the cryptocurrency market. On November 21st and 22nd, FTX and its affiliate Alameda Research executed The asset transfer totals $474 million and may have a depreciating impact on FTT’s price.
The move is part of a broader effort to manage the financial obligations of the defunct exchange and could pave the way for a new phase called FTX 2.0. The FTX team plans to restart the exchange in the second quarter of 2024.
related: Setting New Standards for Cryptocurrency Exchanges in the Post-FTX Era: Report
While the FTT token rallied following the Binance and CZ news, Binance’s BNB (BNB) token fell 13% to $235.Data from DefiLlama show As of 3:30 pm Hong Kong time on November 22, Binance’s 24-hour fund outflow exceeded US$1 billion. The exchange’s seven-day net outflows reached $703.1 million.
As Binance’s new CEO, Teng said in an introductory post on Three aspects of the business: restoring investor confidence, working with regulators, and driving Web3 adoption.
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