Three on-chain metrics suggest FTX price is breaking out

The central theses

• Ungefähr 36 Wale haben sich in den letzten drei Tagen dem FTT-Netzwerk angeschlossen.
• Darüber hinaus interagieren jetzt täglich mehr als 1.400 Adressen mit FTT-Token.
• Da das Netzwerk exponentiell wächst, könnten die Preise bald aufholen.

The FTX exchange token has seen an increase in network activity in recent days following news that CEO Sam Bankman-Fried is welcoming regulation with open arms.

Buy FTT whales in bulk

On September 20, subsidiaries of cryptocurrency exchange FTX in Gibraltar and the Bahamas received licenses to operate within both nations' regulatory frameworks. FTX CEO Sam Bankman-Fried said the company is “committed to maintaining close collaboration with local regulators” to support the growth of cryptocurrencies worldwide.

FTX’s token, FTT, saw a significant increase in network activity following the regulatory green light. It appears that major investors have rushed to add more FTT to their portfolios.

Santiment’s holder distribution chart shows that buying pressure behind FTT has increased dramatically over the past three days. The behavioral analytics firm has seen a significant increase in the number of addresses containing millions of dollars worth of FTT, colloquially known as “whales.”

The number of addresses with 10,000 to 1,000,000 FTT increased sharply. Approximately 36 new whales have joined the ranks of top FTT holders, representing a 30% increase in a relatively short period of time.

The recent increase in the number of large investors may seem insignificant at first glance. However, considering that the average whale holds between $560,000 and $56 million in FTT, a sudden increase in buying pressure could mean millions of dollars.

Network activity explodes

Likewise, the number of active FTT addresses has increased exponentially in the last few days. Approximately 1,440 addresses have interacted with FTT tokens in the last 24 hours, an increase of 172% since September 19th.

Such a sudden increase in the number of active wallets can be seen as a positive sign as it has led to rising prices in the past.

The bullish thesis is further confirmed by network growth that has risen to a new all-time high.

This on-chain metric is often considered one of the most accurate price predictions. In general, a steady increase in the number of new addresses that transferred a particular token for the first time leads to rising prices.

These three on-chain metrics suggest that FTT may be preparing to resume its uptrend in the next few weeks. Although prices have taken a 44% nosedive since September 9, increasing activity on the network suggests a V-shaped recovery towards new all-time highs.