Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit

While a large fraction of crypto assets dropped a great deal in value during the past few weeks and bitcoin is down 18.2% in 30 days, the exchange coin ftx token (FTT) still trades above a U.S. dollar per unit. Moreover, the unknown entity known as the ‘FTX Accounts Drainer,’ still holds the second largest FTT wallet with 45.85 million tokens worth $61.44 million.

FTT Remains Above $1 per Unit During the Past 2 Weeks Since the FTX Collapse

It’s been over two weeks since FTX filed for Chapter 11 bankruptcy protection and on that day, FTT was still trading for $3.46 per unit. 16 days later, FTT’s price has consolidated and during the past 24 hours, FTT’s been trading for prices between $1.33 and $1.39 per unit.

In fact, FTT has remained above a single U.S. dollar since Nov. 12, 2022, and it still has not breached the low it saw in September 2019, back when FTT traded for $1.15 per unit. On Sunday, Nov. 27, the exchange token backed by a bankrupt business has around $5.26 million in global trade volume. This week, FTT tapped a high of $1.53 per unit and a seven-day low of around $1.23 per FTT.

FTT has remained above $1 per unit during the past two weeks. FTT/USD via Bitfinex on Nov. 27, 2022.

Since the inception of FTT, the ERC20 token has seen 411,970 transfers according to the blockchain explorer etherscan.io. On Nov. 27, approximately 24,874 wallets hold the FTT token but the largest wallet holds 195,869,338 FTT or 59.55% of the entire supply.

The second-largest FTT owner is the same person as the ‘FTX Accounts Drainer’ hacker and it holds 45.85 million FTT tokens worth $61.44 million using today’s exchange rates. The Bitdao holds 3,362,316 FTT and Wormhole holds roughly 2,818,904 FTT at the time of writing.

Between the largest and second-largest FTT addresses, more than 73% of all the FTT tokens are held by two entities. During the last seven days, there was approximately $7.69 million worth of FTT transactions greater than $100K. Prior to the FTX collapse and bankruptcy filing, Alameda Research held one of the largest caches of FTT. The former Alameda CEO Caroline Ellison has reportedly left Hong Kong to flee to Dubai.