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FTX treasury has lost over $3 billion since the start of November, largely thanks to the implosion of its native token FTT and Solana (SOL) over the period.
Source: Arkham Intelligence
According to CryptoSlate data, FTT was trading at over $26 on Nov. 1; however, the token experienced high volatility within the last 24 hours, dropping 30% and pushing its value to as low as $15.40.
Source: Arkham Intelligence
Arkham Intelligence dashboard revealed that FT T accounted for around 90% of FTX’s $5.11 billion treasury holdings.
Reports revealed that Solana was the second-largest holding of Alameda (FTX’s sister company). The trading company holds “$292 million of ‘unlocked SOL,’ $863 million of ‘locked SOL’ and $41 million of ‘SOL collateral.’
While Solana started the month strongly, rising to $38 following Google Cloud’s announcement that it would be operating as a validator for the network, the asset has experienced a massive sell-off since Nov. 6, culminating in its value dropping to a low of $26.15 on Nov. 8.
FTX experiencing massive withdrawals
The recent FUD in the market has led to massive withdrawals from FTX.
The exchange has seen its Bitcoin (
$76,296.00 ) (BTC) reserve plunge to less than 10,000 BTCs after starting the year with over 80,000 BTC.
The exchange Ethereum (
$2,258.75 ) (ETH) reserve is also down 99% in the last two days, according to Santiment data. The blockchain analytics company reported that FTX’s ETH wallet was bleeding at some point as much as 500 ETH per minute.
😮 In just two days, the amount of # Ethereum ( $2,258.75 ) held in #FTX’s main wallet has dropped from 322k to 32k. At one point, the wallet was bleeding 500 $ETH per minute. With the ongoing feud between @SBF_FTX and @cz_binance, expect continued unpredictability. https://t.co/vILMoySIEu pic.twitter.com/ROQt7wxj0c
— Santiment (@santimentfeed) November 7, 2022
Binance treasury rising
On the other hand, Binance’s treasury has been rising since the month’s beginning and currently stands at $43 billion versus $41 billion at the end of October.
A senior analyst at Arcane Research, Vetle Lunde, revealed that Binance’s spot volume dominance has risen from 50-60% to 80-90% of the market after its fee removal policy. Lunde continued that Binance accounted for 40% of perpetual futures open interest in the top two digital assets.
Binance really pushing to secure its dominance.
Binance’s spot volume dominance has risen from 50-60% to 80-90% of the market after fee removal.
Additionally, Binance accounts for 40% of perp open interest (ETH + BTC).
FTX OI dom has fallen from 25% to 14%. From 2nd to 4th. pic.twitter.com/ivmeXBSAEm
— Vetle Lunde (@VetleLunde) November 8, 2022
Meanwhile, FTX’s open interest domination has fallen from 25% to 14%. Lunde said:
“FTX will for sure have a hard time rebuilding its reputation… this ordeal may have a long-lasting impact on FTX’s relevancy in crypto derivatives.”
FTX is fine: Sam Bankman-Fried
FTX founder Sam Bankman-Fried tweeted that the exchange is fine and has enough to process all withdrawals. He added that FTX has more than $1 billion in excess cash.
The exchange also confirmed that it had processed billions of transactions in the past few days, adding that it has “one of the highest revenue/profit/valuations per employee of any company in the world.”
Posted In: FTX, Exchanges
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