FET Token Sees 12% Drop Amid Whale Selling and Strong Market Momentum

The Artificial Superintelligence Alliance (FET) token has seen a decline of around 12% over the past day, following a broader crypto market trend. This drop is largely attributed to a capital outflow in FET's perpetual market, which saw Open Interest (OI) fall by roughly 5% to $71 million.

The strong market momentum driving this selloff has led to a significant spike in volume, reaching $162 million, a 97% increase from the previous day. This suggests that there may be further capital outflow ahead as bears continue to dominate the market.

However, spot traders have been accumulating FET over the past day, with net purchases totaling $8.9 million and a net inflow of -$1.15 million. This accumulation trend has been ongoing for several days, with cumulative purchases reaching around $47.3 million in fifteen days.