FTT jumped 18% to $2.94 from $2.48 in the span of three hours on Jan. 22 as news hit that FTX\u2019s bankruptcy estate was responsible<\/a> for a significant portion of the $2B in outflows from GBTC.<\/p>\n The token has since drifted back to $2.63 at the time of writing.<\/p>\n A potential explanation is that FTT buyers are anticipating a windfall as FTX goes through bankruptcy proceedings \u2014 staking the token granted holders trading discounts on FTX before the exchange shuttered<\/a> in November 2022.<\/p>\n <\/p>\n The move by FTX\u2019s bankruptcy estate to liquidate nearly $1B<\/a> worth of GBTC could represent a tangible step in claimants’ eligibility to recoup some losses left in the wake of the platform\u2019s collapse.<\/p>\n There\u2019s been no official statement, however, that FTT holders specifically will gain any tangible benefit from holding the asset.<\/p>\n Traders have used FTT to speculate on FTX\u2019s bankruptcy proceedings before \u2014\u00a0the token spiked<\/a> in January 2023 on news that John Ray, who took over the operation, had not ruled out restarting FTX.<\/p>\n The token also tripled from Nov. 8 to Nov. 10 as reports hit that Tom Farley, former president of the New York Stock Exchange, was interested in restarting FTX.<\/p>\n
![\"FTT](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F8feee9a812c010723e64317907a845d4ae21ca4f-1600x1008.jpg&w=828&q=100\")