Major Ethereum whales have been seen adding more FTX tokens just before the exchange announced an expansion into Canada on Friday, a move said to be due to insider information.
“BlueWhale0016” contributed 33 million FTT in two transactions
According to the whale transaction tracker WhaleStats, a Wallet address named “BlueWhale0116” singlehandedly added $782.6 million worth of FTX tokens. This acquisition contributed nearly 33 million FTT tokens in just two transactions. The wallet added $462.7 million worth of FTX tokens in the largest transactions.
“BlueWhale0116” added another $319.9 million worth of FTT tokens in the second transaction. Currently, the wallet address has about $472 million worth of FTX tokens. Meanwhile, the Whale wallets “Bonobo” and “BlueWhale0079” added 3 million FTT tokens (worth around $142 million) each.
It’s worth noting that these transactions occurred before the deal was announced. Since then, the token’s value has increased by more than 4%. At the time of writing, the FTT token was trading at an average price of $24.46. However, in the last seven days, FTX values have dropped by roughly 13%. It still has a market capitalization of $3.32 billion.
FTX to acquire Bitvo Inc
The whale transactions aided FTT in making the Shiba Inu token the most valuable token held by top ETH whales by dollar value. According to the data, top whales are holding around $762 million worth of FTX tokens.
FTX, one of the largest cryptocurrency exchanges in the world, is acquiring Bitvo Inc. According to reports, the Canadian crypto exchange is regulated by all 13 national commissions. The move coincides with rising volatility in the global cryptocurrency market. The total value of all crypto has dropped to $900 billion.
However, neither FTX nor Bitvo disclosed the terms of the acquisition. Meanwhile, due to pending regulatory approval, it is likely to close by the third quarter of this year.