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After Rattling Confidence in FTX, Binance Still Holds 5% Of FTT Supply

The wallet that Binance’s FTX tokens were transferred into still has 17 million FTT, worth approximately $65 million at the time of writing, according to Etherscan. Binance’s position represents a 5% stake in the total FTT supply. 

In the past week, FTT’s price has dropped by 85%, going from $24.39 to $3.80, according to CoinGecko. 

The token, which usually does between $50 million and $100 million in daily volume, skyrocketed to $1.6 billion in volume the day after Binance CEO Changpeng Zhao confirmed that the exchange was selling its FTT. It ratcheted up again, to $4.4 billion of volume on Wednesday, when Binance announced that the deal was off.

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