'Market makers are working overtime to maintain the price of FTT,' according to data provider Kaiko.
Data provider Kaiko says data indicates market makers “working overtime.”
FTT swung wildly over the course of Saturday after Binance CEO Changpeng"CZ" Zhao said the exchange would sell its position in the token, which it received when it sold its stake in FTX for $2.1 billion last year. CZ's tweet added to existing pressure on FTT, which makes up a sizable portion of FTX sister trading firm Alameda Research's balance sheet, CoinDesk reported.
Still, FTT's price has appeared to stabilize and at 2:30 pm EST was trading down 0.1% over the last 24-hours at $22.24, according to TradingView.FTT proved to be relatively resilient, illustrating the degree to which"market makers are working overtime to maintain the price," data provider Kaiko said in a briefing."Despite a massive surge in selling pressure, there is barely a dent in market depth and only a slight increase in price slippage.
“Ultimately it may be in all parties' best interest to engage in an OTC transaction as suggested by Caroline Ellison to limit price impacts, especially considering Binance, FTX, and Alameda all risk large losses should FTTs price fall significantly,” Kaiko said.
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