How UNI, SUSHI reacted to FTX’s latest move

Posted: September 5, 2023

• An FTX wallet recently moved $1.8 million worth of UNI and $550,000 worth of SUSHI tokens.
• UNI and SUSHI reacted differently to the recent developments.

Nearly one year following the FTX crash, the repercussions of the failed exchange continue to cast a shadow over the cryptocurrency sphere. A recent report revealed that an FTX wallet transferred certain Uniswap and SushiSwap tokens from the Solana blockchain to the Ethereum blockchain. How did these tokens respond to this transfer?

 How much are 1,10,100 UNIs worth today

FTX move Uniswap and Sushi

A wallet linked to FTX recently transferred tokens valued at $10 million from the Solana blockchain to the Ethereum blockchain. This transfer encompassed assets such as $1.8 million worth of Uniswap (UNI), approximately $550,000 worth of SushiSwap (SUSHI), as well as FTX’s native tokens – FTT, HXRO, and Frontier Token – amounting to the total sum of $10 million.

FTX wallets on the move

Over $1.5B worth of $SOL, SPL tokens, and Wrapped #Bitcoin in FTX’s Solana addresses are shifting

Looks like they’re gearing up for potential sell-offs.

Keep an eye on this, especially the ~$200M in #Solana Wrapped $BTC.#crypto #bitcoin … pic.twitter.com/sRDI6hvTJD

— Pump House (@pumphouz) September 3, 2023

This move has sparked significant interest and speculation as it could signal preparations for a sell-off by the beleaguered exchange. On 24 August, FTX proposed a strategic plan involving the appointment of Mike Novogratz’s Galaxy Digital Capital Management as the investment manager responsible for overseeing the sale and management of FTX’s recovered cryptocurrency holdings. 

Furthermore, according to the proposed plan, the FTX estate would be permitted to sell a maximum of $100 million worth of tokens per week, possibly increasing this limit to $200 million on an individual token basis. These limits are designed to mitigate the impact of token sales while simultaneously facilitating the restitution of creditors’ claims.

Did Uniswap and Sushi react?

Analyzing the daily timeframe chart of Uniswap (UNI), it became evident that the recent FTX transaction had no adverse effects on its price trajectory. On the chart, UNI displayed a series of favorable price movements over the past few days.

As of this writing, UNI was trading at approximately $4.4, reflecting a minor increase of less than 1%. Furthermore, this consistent uptrend has led UNI away from the oversold territory on its Relative Strength Index (RSI). However, it was still in a bearish trend.

Source: TradingView

In contrast, SushiSwap did not share the same positive momentum as UNI. As of this writing, Sushi was trading at around $0.5, indicating a slight loss of less than 1% in price.

Additionally, over the past six days, Sushi only once recorded a positive session closure. The prevailing price trend for Sushi appeared strongly bearish, as indicated by its RSI.

Source: TradingView

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The trial of Sam Bankman-Fried is scheduled for October, marking a pivotal moment in the ongoing FTX saga. A recent document revealed that the Department of Justice (DOJ) was still collecting evidence and determining what would be presented during his trial.

Nevertheless, the exchange’s fate remains uncertain, particularly regarding its continued operations and the potential sale of tokens such as Uniswap and Sushi.