FET drops 12% as $47.3M demand fails to offset whale selling

FET fell 12% on July 28 as $47.3 million in investor demand was overwhelmed by persistent whale selling, data shows.

"Whales are completely bearish on FET, with longs losing over $1 million in the latest flush while shorts gained nothing," according to Coinglass liquidation data.

The $47.3 million demand side, tracked across major exchanges, has acted as a support buffer but is at risk of being eroded if large holders continue to offload positions. The 12% decline marks one of the sharpest single-day drops for the Fetch.ai token in recent weeks, with the sell-off accelerating during the Asian session. Longs accounted for the entirety of the $1 million-plus in liquidations, per Coinglass, while short positions saw no material losses — a signal that large holders are positioning for further downside.

The divergence between retail demand and whale supply creates an unstable floor. If selling pressure from large holders persists, FET could test lower support levels, with the $47.3 million bid side acting as the last line of defense before a deeper correction. The broader AI token sector has also faced headwinds, with Bitcoin trading near $63,400 and altcoins taking the brunt of risk-off flows as markets await the Federal Reserve's July 29 rate decision.

This article is for informational purposes only and does not constitute investment advice.