After rival Binance Holdings Ltd. revealed plans to sell all of its holdings in FTX’s native FTT token, Sam Bankman-Fried’s cryptocurrency exchange FTX saw an uptick in withdrawals. Data from CryptoQuant shows that on Monday, stablecoin reserves on FTX fell to $114 million from $394 million three days earlier. The second-largest cryptocurrency, Ether, had a substantial increase in hourly withdrawals on the exchange, according to statistics from CryptoQuant. On Sunday, Binance CEO Zhao Changpeng announced on Twitter that the company’s FTT tokens, which were then valued at $529 million, will all be sold. The announcement led to a decline in the price of FTT and anxiety in broader crypto markets, with Solana, a token supported by FTX, falling 7.1% as a result.
