FTX Treasury Wallet Moves Out $247M FTT Amid Market Gains

FTX Treasury Wallet has recently made a significant move, transferring $247 million worth of FTT, the native token of the FTX platform, to a new wallet. This transfer was highlighted by Lookonchain, a crypto surveillance account on X. Alongside FTT, the wallet also transferred $5.94 million worth of Ethereum and $3.25 million worth of JOE tokens to the new destination.

In addition to FTT, Ethereum, and JOE tokens, the FTX treasury wallet also moved other tokens such as USDT stablecoins, MAGIC tokens, and GMX tokens. Cumulatively, FTX has transferred approximately $253.99 million in assets.

It is interesting to note that these transactions occurred during a period of market gains, with Bitcoin reaching $64,000 and boosting the values of other tokens. FTT saw a 2.79% increase, ETH gained 4%, and JOE witnessed a significant 6% gain.

Speculation from X user Shawn suggests that FTX may have divided the tokens for easier liquidation. This is not the first time FTX has made such moves during market gains, as they were previously observed moving out Solana (SOL) tokens during an uptrend.

It is important to note that the information provided in this article is purely for informational and educational purposes and should not be considered financial advice.