FTT Beginning To Break

Main Takeaway: A New Big Player Coming Under Fire – Alameda Research

Last week Alameda Research published its holdings and analysts discovered that the assets they’re holding are largely illiquid tokens such as the exchange token, FTT. As a result, CPZ has entered the game announcing they’ll begin spot selling FTT to avoid risk. Alameda owns over 50% of the FTT token, which is risky because of over-centralizing ownership. As the price decreases, Alameda will be the only buyers. The FTT coin is now down 4% d-o-d, with rising open interest and shorts. The main takeaway is despite a recent price spike in cryptos, if there’s another potential big time player getting margin called, it could reignite fear that a LUNA-type situation could occur before the end of 2022.

Today’s Top Gainers

The top five performing coins on Phemex d-o-d are StepWatch (SWP/USDT), Phala Network (PHA/USDT), Telcoin (TEL/USDT), FC Barcelona Fan Token (BAR/USDT), and dForce (DF/USDT).