A whale has transferred 10 million Fantom (FTM) tokens worth $8.17 million to Binance, potentially causing a bearish effect on the price. The transfer indicates that the trader may be looking to sell or use the tokens in the DeFi markets, or potentially hold onto them for after the Fantom rebranding is complete. If the tokens were sold now, the trader would make a profit of $2 million. The movement of funds may have been triggered by Binance's announcement of FTM rebranding and token interchange. After the rebranding, Binance will remove FTM trading pairs and replace them with new trading pairs for the rebranded token called Sonic (S). The transition is expected to have no substantial effect on the price, as the tokens will be interchanged at a 1:1 ratio. FTM's price has declined in recent days, indicating decreased participation from investors and traders. However, the inflow of FTM tokens to exchanges suggests a potential buying opportunity. Open interest in FTM has also decreased, indicating reduced participation from traders and rising caution among investors.



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