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The top Alameda Research portfolio tokens by market capitalization have plummeted, according to data from CoinMarketCap. Bitcoin (BTC), which was trading at $20,480, took a drastic fall and plunged to $17,932 within less than 24 hours.
BTC, which had a market capitalization of $395 billion, fell to $339 billion within 24-hours. From the graph below, it could be seen that BTC had its greatest drop in the last quarter. The gap between the yellow lines is greater than the gap between the red lines indicating the depth of the fall in the market cap of BTC.
However, it wasn’t just BTC that suffered a fall. Ethereum, BNB, and Solana are also among some of the coins that experienced price drops. FTT token captured the tenth position in terms of market capitalization on Alameda.
Notably, all of these problems resulted from FTX’s bankruptcy, which left certain funds tied up in non-liquid projects. In addition, a void of $10 million in missing funds was identified on the leaked FTX balance sheet.
In response to the leaked balance sheet, Binance liquidated its FTT token holdings causing the price of FTT to plummet by 80%, as of press time.
In particular, according to Youtuber Coffeezilla, Almeda held $14.6 billion worth of assets in total, out of which there were $5.8 billion FTT tokens and $1.2 billion Solana tokens, among other tokens.
Crypto Rand, a trader and an investor, tweeted that $18.6 million Solana tokens have been requested to be deactivated in the Solana staking pool.
📍There are 18,6M $SOL that have been requested to be deactivated from the #Solana staking pool.
— Crypto Rand (@crypto_rand) November 9, 2022
And as of last week #AlamedaResearch (#FTX Trading Firm) was holding over $1 bill in locked/unlocked & SOL collateral.
Not looking good for Solana pic.twitter.com/ptyZV5Bxaj
Solana took a deep dive from $36 – $18.50 in less than 24-hours. However, the selling pressure has decreased ever since. If the bulls manage to hold on and increase buying pressure, then there’s still a possibility for Solana to go bullish.
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