A long-time crypto trader known as Flood is revealing that he is conducting a reorganization of his digital asset portfolio.
In a new tweet, Flood says that he is moving the profits he has generated from trading Bitcoin (BTC) to the leading smart contract platform.
“Rotating some BTC profits into ETH. [I] think it plays catchup.”
Flood adds that he has purchased small amounts of the native token of the crypto derivatives trading platform FTX (FTT). The crypto trader says FTT, which has been ranging between $29 and $37 over the past few weeks, is highly correlated to Bitcoin price-wise, and that he will also benefit from the reduced trading fees that come with holding a crypto exchange’s utility token.
“[Bought] a small amount of FTT here. It’s been accumulated in this $33 range for far too long. High correlation with BTC to the upside. Also need the reduced fees thanks.”
The trader shares that he purchased 3,209.99 FTT tokens worth over $94,490.
In a recent FTX Podcast interview, the Bitcoin whale highlights that the crypto market has massively grown in terms of fundamentals in the span of five years.
“The market is like legitimized now. I mean, it really is turning into a more professional sophisticated market and that’s reflected in kind of you know what’s being offered right now and the current market structure…
Bitcoin even a few years ago pre-2017 was like a very strange asset to trade and very illiquid compared to what we have now….
There weren’t really all these OTC (over-the-counter) channels or anything at least not for smaller trading. It’s definitely been kind of interesting to see just how much the derivative space has exploded.”