‘Moonvember’ dreams were shattered after the dramatic downfall of the FTX empire. Sam Bankman Fried sparked a downtrend that pushed Bitcoin’s price to the mid $15K. A plethora of other cryptocurrencies followed suit and lost big. However, Exchange tokens topped this list. Since these assets had no potential, great whales decided to dump their companies.
A recent chart from the on-chain analytics platform, Santiment, pointed out how exchange tokens witnessed the biggest price drops over the past week. After the FTX crash, whales and sharks hold the FTX token [FTT] decided to dump 30.9 percent. It should be noted that this has been done for the past ten days.
At the time of publication, FTT was priced at $1.61 with a daily decline of 8.45 percent. In the past week, the asset fell to a low of $1.25.
It seems that these whales and sharks also lost faith in other prominent exchanges. The fear around crypto.com suffering the same fate as FTX haunted many. Despite that, Kris Marszalek assured it crypto.com brought minimal exposure to the FTX collapse, certain whales did not trust the platform.
As shown in the chart above, whales and sharks decided to get rid of 0.4 percent of their Cronos [CRO] held in the past 10 days.
It should be noted that at the time of the press. CRO traded for as low as $0.07007 after falling 18.78 percent over the week.
Huobi Token in Vault Despite Huge Weekly Drop
Huobi Token [HT], in the midst of the whole FTX fiasco, shone among the whales. As Santiment shows in its chart, whales and sharks added 17.7 percent more HT to their holdings over the past 10 days.
Despite this, the price of Huobi Token was on a downward spiral. The asset was trading at or $4.55 with a daily decline of 8.01 percent. The altcoin stood as one of the biggest losers of the week with a drop of 22.50 percent.
