FTX Sends Crypto Reeling. The Whales Move in to Profit.

Cryptocurrency markets have been slammed by the sudden bankruptcy of FTX. But amid the carnage, some big traders—whales—were buying.


Bitcoin


the largest crypto, was plumbing two-year lows at $16,600 on Friday—down from some $21,000 before FTX’s woes became public and roughly $69,000 in November 2021, the high. “The crypto world is still [being] rocked by FTX, and traders are still in shock,” says Naeem Aslam, an analyst at broker AvaTrade.

Some bargain hunters stepped in, betting on Bitcoin as a classic distressed asset play. “Many Bitcoin whales have chosen this time of panic to accumulate, as the number of addresses with more than 10,000 Bitcoin exploded over the past week or so,” notes Marcus Sotitriou, an analyst at digital asset broker GlobalBlock.