Dreams of “Moonvember” were dashed in the wake of the FTX empire’s shocking fall. A downward trend started by Sam Bankman-Fried caused Bitcoin’s price to drop to around $15,000. Numerous other cryptocurrencies followed suit and suffered severe losses. However, exchange tokens came in first place. Major whales opted to sell their interests because these assets had little potential.
According to a recent chart by on-chain analytics platform Santiment, exchange token prices have fallen the most over the past week. Whales and sharks owning FTX Token [FTT] made the decision to sell 30.9 percent after the FTX crash. This was accomplished over the past 10 days, it should be mentioned.
FTT had a price of $1.66 at the time of publication and was declining daily by 7.3%. The asset dropped to a low of $1.25 over the past week.
These whales and sharks appeared to be losing faith in other significant exchanges as well. Many were troubled by the fear that Crypto.com will suffer the same fate as FTX. Despite Kris Marszalek’s assurances that Crypto.com would be mostly unaffected by the FTX collapse, some whales did not have faith in the platform.
Whales and sharks opted to sell 0.4 percent of their holdings in Cronos [CRO] over the past 10 days, as seen in the chart above.
At the time of publication, it should be highlighted. CRO was down 18.78 percent for the week, trading for a low of $0.07007 at the time.
Huobi Token Fairs Better Compared To FTX Token
In the midst of the FTX debacle, Huobi Token [HT] could be spotted shining among whales. Whales and sharks continued to increase their holdings of HT by 17.7 percent during the past 10 days, as seen in the chart from Santiment.
In spite of this, the value of Huobi Token was falling. The asset was down 8.01 percent on the day, trading for $4.55. With a loss of 22.50 percent, the altcoin ranked as one of the largest losers of the week.