Crypto exchange Binance plans to sell all of FTX's native token, FTT, that it owns after CoinDesk reported on the makeup of FTX's sister company Alameda Research's balance sheet. JamieCrawleyCD reports
revealed the potentially parlous state of trading firm and FTX sister company Alameda Research. Zhao tweeted that Binance will sell all of the remaining FTT that it received last year as part of its exit from FTX equity. Although Alameda CEO Caroline Ellison offered to buy back Binance’s entire FTT allocation, the token declined from over $25 to under $22 and is down 1.6% on the day.. The firm has 3,311 BTC worth $68.
"The reduced traded volume in the futures market reinforced the thesis of a lack of speculation to the up and downside as the spot market continued to drive the price action," Glassnode's co-founders Yann Allemann and Jan Happel wrote in the latest edition of their Uncharted newsletter. "Increased spot volume suggests an agreement that bitcoin is where it needs to be," the newsletter added.
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