SBF account said "gm", FTT responded with a big pump of 30%: crypto market staged another narrative frenzy.

A simple greeting "gm" from beyond the high walls of a prison has stirred up huge waves in the crypto market. The long-dormant X account of FTX founder Sam Bankman-Fried (SBF), who has declared bankruptcy, was resurrected on September 23, 2025. Although it only posted two letters, it was enough to stimulate its native token FTT to rise more than 30% within 24 hours, with the daily trading volume surging nearly six-fold. This price fluctuation driven purely by social signals once again highlights the crypto market's high sensitivity and fragility to narratives.

###I. Event Context: From "Good Morning" Greetings to Friends Clarifying

The trigger for this event was exceptionally simple. The X account certified by SBF, after being silent for six months, posted a tweet on the evening of September 23 with the content being just "gm" (short for good morning). This tweet quickly attracted widespread attention and speculation due to the special identity of the publisher and the sensitivity of the environment (SBF is serving time in federal prison).

The market responded most directly to this. According to data from several trading platforms, the price of FTT soared in response, briefly breaking through $1.25, with a maximum rise of over 30% in 24 hours, and even touching 40% at one point. Trading activity became extremely active, with the 24-hour spot trading volume skyrocketing from about $10.4 million to nearly $59 million, and there were also astonishing increases in open contracts and trading volume in the derivatives market.

However, the narrative foundation of this frenzy was shaken a few hours later. SBF's account posted again to clarify: "No, SBF is not posting from prison. I am a friend, posting on his behalf." This clarification led to a rapid decline in the FTT price, which momentarily dropped over 15%, perfectly illustrating the typical market volatility pattern driven by news and corrected by clarifications.

###2. Market Data: The Speculative Nature Behind the Rise in Volume and Price

The market data of this price fluctuation clearly reveals its speculative nature.

· Price and Volume: The FTT price quickly rose from a low point before the event to above $1.20, and then fell back to around $1 due to clarification news. Its 24-hour trading volume experienced a big pump of 281% to $49.6 million, indicating a large influx of short-term funds.

· Technical Indicator Signals: Before the event occurred, FTT's technical indicators had shown some positive signs. Its MACD indicator had shown bullish momentum, while the Relative Strength Index (RSI) was also in the neutral zone, indicating that it was not overbought before the rise. However, the sudden surge in price caused it to briefly break through the upper Bollinger Band, which usually means the asset is in an overbought state in the short term, increasing the risk of a pullback.

###3. In-depth Analysis: Narrative Drive and Irrational Frenzy

This event is far from a simple technical breakthrough; behind it lies the profound operational logic of the crypto market.

· SBF's Symbolic Influence: Despite SBF being imprisoned and FTX having declared bankruptcy, his personal brand as a former titan of the crypto industry remains a powerful market symbol. The association of his name with the FTT Token means that any movement related to him can easily stir the market's nerves.

· The Current Status of FTT's "Zombie Token": It is important to recognize that after the FTX exchange filed for bankruptcy in November 2022, the FTT token has lost its core utility (such as fee discounts, serving as collateral, etc.). The current price fluctuations are entirely driven by market sentiment and speculative activities, lacking fundamental support. This serves as a warning to investors that in the crypto world, the power of narrative and hype can sometimes far exceed actual value.

####IV. Investment Warning: Risk Management in a High Volatility Environment

In the face of such event-driven market conditions, risk control is crucial.

· Beware of High Leverage Risks: Derivatives data indicate that leveraged speculative activities increase significantly during price fluctuations. In an environment of high volatility and high leverage, price reversals can easily trigger a chain liquidation, resulting in substantial losses.

· Clear technical position reference:

-Upper resistance: The range of $1.05 to $1.20 has formed an important resistance zone. If it can break through, a stronger resistance level is near $1.22.

-Support below: The primary support levels in the recent period are around $0.90 and $0.80. If these levels are breached, it may further test the support at $0.76 and even $0.70.

####Conclusion

SBF's account "gm" tweet and the big pump of FTT are like a mirror, reflecting the crypto market's sensitive response to narratives and symbols, as well as the strong irrational speculative color in price fluctuations. For investors, when chasing such hotspots, it is essential to be soberly aware of the huge risks involved. Surviving and thriving in this highly volatile market requires solid fundamental research, coupled with strict risk management strategies.