In the "The Bigger They Are", we briefly discussed the small details of Alameda Research's balance sheet, and emphasized some issues about the total number of FTT tokens held by ourselves.

To put it simply, CoinDesk revealed that the large-scale net shares of Alameda Research, a proprietary trading company jointly founded by Sam Bankman Fried, the founder of FTX, were linked to the tokens of FTX's local trading center

Before long, Binance's CEOCZ reached a big deal elsewhere in the market. He told the public yesterday that Binance was ready to cash all its FTT assets from the accounts (worth about 580 million dollars when writing this book)

Caroline Ellison, CEO of Alameda Research, responded as follows:

This evaluation and the response of FTX and Alameda Research leaders have caused two reactions in the market:

1. Bank runs on property in FTX platform.
2. Speculators' interest in publishing closely around the meaning of FTT token has soared.

Regardless of the development strategy, FTX is one of the largest competitors of Binance. In just one day, this comment and the sale of FTT shares by Binance caused a series of second-order and third-order effects. The most important thing is that a wave of anxiety has been generated, which has cast doubt on the capital adequacy ratio of FTX and Alameda Research. Therefore, in the past week, it has been seen that nearly 1 billion dollars of assets and token use value have flown from the known FTX and Alameda addresses. The information was compiled by Larry Cermak, Senior Vice President of Scientific Research of The Block.

Sam Bankman Fried responded this morning to try to soothe the market and FTX customers. He described the website's ability to cover all customer positions and its excess cash positions. Bankman Fried also responded to the reduction of customers' withdrawal rate from FTX.

Here, the market is facing more risks. As you can see, Alameda has released many other positions on tokens and BTCs, which will be used to raise additional assets. Don't forget, this will help to form one of the most important organizations in this field, especially in the aspect of market making and liquidity for all markets. What is likely to happen here is still in the initial stage.

problem

Two things are uncertain and still the biggest challenge:

1. What is Alameda's debt, with what kind of currency, and from whom?
2. Due to the close and usually transparent relationship between the two enterprises, whether FTX is an important counterparty risk open type for Alameda.

The rapid increase of FTX customers' cash withdrawal reflects the uncertainty of these two correct answers.

As for the second problem, Alameda's wallet moving last night will never inspire confidence

Speculative attack

The most important thing is to know that we do not necessarily know the operation of Alameda. However, in the next data chart, we can see their determination to defend the US $22 level and the necessity to support it. This brings about a positive combination of independent variables.

If there is no leverage effect, Alameda may not have such commercial interests to defend this level. Otherwise, they will allow the market to fall and recover FTT at the lowest price.

If Alameda has already mortgaged his FTT position, then no big buyer can act as the buyer's liquidity.

According to Dirty Bubble Media, the middle dynamic of FTX and FTT tokens looks very similar to the Celsius Network and the token CEL.

We may be watching a classic speculative attack. For Alameda (and all its markets), the best situation is that since the end of the second quarter, the debt has already decreased significantly. We just choose tokens to support the market to enhance self-confidence.

This is unlikely for us. People are more convinced that there is also a more important war in progress, and FTT exchange rate is the capital adequacy ratio of Alameda

Final note:

Leading enterprises in the industry have already begun to fight. At the very beginning, he publicly expressed his views on depression attack capability on social platforms, but now it has developed into a thorough financial war based on the market. When Alameda tried to defend FTX token trading FTT with idle assets, CZ seemed to be happy. As many speculators were short, the downward pressure on the rate economy was increased.

So far, there are more difficulties than answers about Alameda's business.

About previous articles:

• The market is fully prepared for greater pain: is Bitcoin at the bottom?
• The historical time is relatively long - when did the bear market of the stock market end?
• Quantitative Study on the Monetary Resettlement of BTC
• The more of them