Following the arrest and subsequent investigation of Telegram founder Pavel Durov in Paris last month, Toncoin (TON) experienced significant market volatility. However, according to a recent analysis by cryptocurrency analysis company Kaiko, selling pressure on TON has eased in early September.
Immediately after Durov’s arrest on August 24th, TON’s trading volume surged from $10 million to $156 million and reached an all-time high of $169 million on August 28th. Prices also plummeted by over 20% within three hours on August 24th and continued their downward trajectory in the following weeks.
Kaiko’s analysis points to a sharp negative flip in TON’s cumulative volume delta (CVD) at the end of August, indicating net selling. This selling was primarily driven by the TON-USDT and TON-USDC trading pairs on OKX and Bybit. In contrast, the TON-FDUSD pair on Binance saw net buying, mirroring trends observed with other crypto assets like Bitcoin during the August selloff.
Despite funding rates turning negative, selling pressure has eased in early September. However, selling continues in TRY (Turkish Lira) markets, suggesting ongoing de-risking by some traders.
