3AC-Linked FLEX, OX Tokens Surge Despite Lack of New Holders
Less than 2,000 wallets hold OX tokens, a level that’s far below the average holders of tokens with similar market capitalizations.
Flex Coin (FLEX) and Open Exchange Token (OX), two tokens linked to the new crypto exchange OPNX, surged as much as 35% in the past 24 hours amid rising social activity and interest from investors , two of the exchange’s founders.
As such, the sharp price moves were likely a result of above-average buying pressure amid relatively low liquidity. shows that on Uniswap - where $3 million worth of OX were traded in the past 24 hours - a buy order of just $66,000 worth of ether (ETH) can move OX prices by 2%.
Trading volumes for OX on OPNX were even lower: Just $69,000 in the past 24 hours. Elsewhere, FLEX saw an even meager $500,000 in cumulative trading volumes across centralized and decentralized exchanges.
Meanwhile, for OX tokens show the number of unique wallets holding the tokens stands at just 1,700 as of Tuesday - even as they to a market capitalization of above $105 million.
In comparison, projects with a similar capitalization have a significantly higher number of holders. Metis blockchain boasts 17,000 holders of its METIS tokens, while crypto bridge Synapse has 7,612 holders of SYN tokens.
These numbers do not account for the token holders who may have purchased these assets via a centralized exchange.
Zhu and Davies were previously founders of the defunct crypto fund Three Arrows Capital (3AC), which imploded last June as its massive bets on Terra (LUNA) and Grayscale Bitcoin Trust (GBTC) went awry. The failed crypto fund imploded with an estimated $2.5 billion of clients’ money.
The duo has since teamed with the co-founders of crypto exchange CoinFlex on the creation of OPNX, touting it as the "world's first public marketplace for crypto claims trading and derivatives."
But OPNX has since been off to a rocky start, marred with poor volumes and a general lack of trust from market participants given the history of their operators.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP Pundit: First Thing You Should Do When You Become a Crypto Millionaire
VIPTradFi Focus: Where Does the RWA Market Stand Today?
1. Crypto outperformed traditional equity indexes following the rate hike, but elevated interest rates remain a key constraint on cross-asset allocation. From September 12 to 18, BTC, ETH, and SOL gained 4.83%, 3.84%, and 9.96%, respectively, while the S&P 500 edged down 0.08%. The U.S. Dollar Index rose 1.11%, and the 10-year U.S. Treasury yield closed at approximately 4.998%. Improving risk appetite is therefore coexisting with elevated discount rates, raising the bar for RWA allocation: investors need to compare not only returns on the underlying assets, but also on-chain liquidity and collateral efficiency. 2. Growth in tokenized equities is occurring even as the overall RWA market remains under pressure. As of September 18, Distributed Asset Value across RWAs stood at $38.503 billion, down 1.13% week over week, while tokenized equities reached $3.056 billion, up 6.03%. This week's data are better explained by capital reallocating across different RWA segments than by a broad-based expansion of the entire RWA market. 3. For exchanges, the opportunity lies in connecting spot holdings, collateral, and derivatives. Reality's distributed asset value stands at approximately $155 million, while eligible rTokens can already be used within Bitget's UTA margin framework. Across CoinGlass's verifiable sample of 177 TradFi instruments, open interest reached approximately $11.498 billion, up 2.06% week over week, even as weekly trading volume declined 7.60%. The medium-term opportunity remains intact, but deeper utilization will depend on liquidity, collateral use, and sustained trading activity. 4.Assets to watch: BTC, ETH, SOL, NEAR, ZEC, gold, tokenized U.S. equities, COST. 5.Key metrics to watch: rToken collateral utilization, the durability of TradFi open interest and trading volume, and next week's employment and consumer data.
Gold prices fall Rs 1,331/10 gram, silver dips Rs 1,600/kg as Mideast tensions outweigh oil fall: Key levels to track
Strategists Say Market's ‘Wall of Worry' Is Healthy, Not a Warning Sign
Crypto prices
More
