$FTT/usdt. Bullish trends
the native token of the bankrupt crypto exchange FTX, has recently exhibited bullish behavior, with its price rising over 14% in the past 24 hours.
This surge is primarily attributed to the anticipation surrounding FTX's court-approved Chapter 11 Plan of Reorganization, set to commence on January 3, 2025. The plan includes the first tranche of reimbursements to creditors within 60 days of this effective date, signaling progress in resolving the exchange's bankruptcy proceedings.
On-chain analysis further supports this bullish trend, revealing that the ratio of FTT's on-chain transaction volume in profit exceeds that in loss, currently standing at 7.22. This indicates that for every FTT transaction ending in a loss, over seven transactions have returned a profit, reflecting strong demand and positive market sentiment.
Additionally, the Long/Short Ratio for FTT is at 51.15%, suggesting that slightly more traders are betting on price increases than decreases, indicating a mildly bullish sentiment.
In summary, the bullish trend in FTT's price is largely driven by the upcoming implementation of FTX's reorganization plan, which has boosted investor confidence and market optimism regarding the token's future prospects.
