It looked for a brief moment like Bitcoin was going to rally, but things are grim again for the popular cryptocurrency on FTX after Coinglass data revealed that FTX’s Bitcoin balance is now negative.
Nearly 20,000 BTC was moved from FTX to Binance as things remain uncertain and Bitcoin is shifted from one exchange to another.
In the last day, over 17,000 BTC total has left exchanges. Binance saw an inflow of 16k BTC, with Bitfinex, Gemini, and Huobi seeing over 3K moves onto platforms.
FTX CEO Sam Bankman-Fried says, “FTX is fine,” and claims there’s no liquidity crisis.
Now investors will start questioning FTX as to whether there’s truly a negative BTC balance and if they’ll be forced to sell other assets to acquire enough BTC to cover current investments.
Scary times in the crypto world.
So they are moving coins around to hide the fact they have no value?