Addresses related to FTX, the bankrupt crypto exchange, and Alameda Research, the trading wing associated with the exchange, have cumulatively transferred $13.35 million of assets to Binance, a crypto exchange via Wintermute Trading, over the last 24 hours. 

Related Reading: Linqto’s Ray Fuentes Reveals The Factors That Could Drive A Ripple IPO In 2024

FTX Sells $13.35 Million Of Coins

According to Lookonchain, an on-chain tracker, FTX and Alameda Research last deposited COMP, the governance token of Compound, and RNDR, the native token of Render, on October 26, an indicator that the project is actively liquidating assets after finding approval in late September 2023.

COMP prices are relatively stable at spot rates, steadying at a key resistance level. The token is also up 20% from October 2023 lows and is within a bullish formation, moving inside the range established from June to July 2023. Even so, for the uptrend to take shape, traders expect more gains that would push the token above September 2023 highs at $50, a psychological level.

On the other hand, RNDR is extending gains, marching higher when writing. To illustrate, the token is up 60% from September lows, with bulls remaining resilient, looking at the formation in the daily chart. Bulls have been shaking off bear attempts as they target to reclaim May 2023 highs at around $2.9. This is a critical liquidation line that, if broken, could see R

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Author: Dalmas Ngetich

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