FTX has seen a huge surge in stablecoin outflows amid unsubstantiated insolvency fears related to sister firm Alameda Research.
by CoinDesk, stated that Alameda had a total of $14.6 billion in assets and some $8 billion in liabilities, including $7.4 billion worth of loans, as of June 2022.$3.66 billion in"unlocked FTT," the native token of crypto exchange FTX, and another $2.16 billion worth of"FTT collateral.
Just today, wallets labeled as those belonging to FTX, saw large fund transfers to other parties, showing the exchange withdrawals. Those making these withdrawals included Jump Trading, a trading firm with close ties to FTX, thatThe situation for Alameda and FTX exacerbated when Changpeng Zhao, the CEO of crypto exchange Binance , came outBinance had received about $2.1 billion worth of the BUSD stablecoin and FTT"[a]s part of Binance’s exit from FTX equity last year.
Now investors are betting against the FTT token. The open interest on FTT-related futures and perpetual derivatives has reached more than$ 215 million, double from yesterday and a 12-month high. Open interest in a derivatives market refers to the total value of unsettled trading contracts. Also, the funding rate on FTT perpetual trading is negative, which combined with high open interest, indicates that a large sum of traders’ money is a short on FTT token, meaning traders are betting that FTT token will go down in price. Currently, FTT trades at© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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