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FTT surges by 10%, reacting to GBTC shares sell out

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The naive token of the cryptocurrency exchange FTX rose sharply amid news of the sale bitcoin of GBTC shares.
According to CoinMarketCap data, over the past 24 hours, the FTT token has risen by more than 10% to $2.83. Trading volumes for the coin skyrocketed by almost 270%, reaching $62.5 million.

Source: CoinMarketCap

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Usually, FTT reacts with a significant price change to FTX’s actions. This time, FTT probably reacted with growth to the news that FTX sold shares of the spot Bitcoin (BTC) ETF to Grayscale Investments for about $1 billion. According to available information, since the launch of the crypto investment fund in January 2024, the firm has sold 22.3 million GBTC. This sale is likely part of bankruptcy proceedings.
The pressure on the rate of the first cryptocurrency may now presumably ease. Exchange sales also explain significant outflows from Grayscale.
A similar situation occurred in January when FTT responded with a rise of more than 24% after crypto exchange users filed complaints over its indemnity plan.
FTT also rose nearly 30% in December 2023 as FTX announced it had reached a joint bankruptcy agreement with its Bahamian subsidiary, which was undergoing a separate process.

You might also like: Lessons from 2023: the FTX trial and crisis management for crypto projects | Opinion
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