Cody McGrath 
The FTX token (FTT) has been under a lot of strain as the cryptocurrency market has been collapsing. However, despite the price drop, some of the largest Ethereum (ETH) whales have purchased more than $550 million worth of FTT tokens.
About !5 million tokens were moved in single transaction
An ETH whale dubbed “BlueWhale0116” added $343.9 million worth of FTX tokens, according to Whalestats. Around 15,000,000 tokens were moved into the wallet in a single transaction, This is the largest transaction that the tracker has seen in the recent 24 hours.
Another Ethereum wallet named “BlueWhale0079” bought $149.04 million worth of FTX tokens in a single transaction. As we look deeper, the data shows that this whale wallet soon moved out of the address. The whale wallet now holds just $3.8 million worth of FTT tokens.
Meanwhile, similar FTX acquisition transactions were also logged by the tracker. Wallet named “Bonobo” wallet added FTT tokens worth $25.7. The whale added about 1.1 million tokens In two separate transactions. According to statistics, ETH whales spent $553.3 million on FTT tokens in the last 24 hours. As a result, the FTX token has been added to the list of the top 10 tokens purchased by the top 1000 ETH whales over the last 24 hours.
FTX drops by single-digit as other major crypto declines in two digit
In the last 24 hours, the FTX token prices have dropped by more than 6%. It was selling at an average price of $23.2 at the time of writing. It’s worth noting that this massive purchase has been insufficient to quell the market’s widespread selling sentiment.
Meanwhile, the FTT token prices has dropped by only 8% over the last 7 days. Whereas other major cryptos have dropped by double digits, the FTX has only dropped by a single digit. The token is regarded as a safer investment than others because it is backed by the actual exchange. With a total market value of nearly $3.2 billion, the token is the 19th largest cryptocurrency.