DWF Labs has transferred three million FET tokens to Bitget, marking its first activity in five months. The firm initially received ten million FET from the Fetch.AI Foundation in September 2024, when the token traded above $1.18.
So far, it has deposited five million FET across Binance and Bitget at an average price of $0.987, incurring a 16.7% loss. The latest move leaves DWF Labs with five million FET valued at approximately $3.04 million.
DWF Labs (@DWFLabs) just deposited 3M $FET ($1.82M) to #Bitget after 5 months of inactivity!
— Spot On Chain (@spotonchain) March 7, 2025
These tokens are part of the 10M $FET received from @Fetch_ai Foundation on Sept 3, 2024, when the price was $1.185.
So far, DWF Labs has deposited 5M $FET to #Binance and #Bitget at an… pic.twitter.com/jipsCeVlM1
According to Spot On Chain, this recent transaction suggests a potential shift in market dynamics. While institutional players often move tokens for liquidity purposes, large deposits to exchanges sometimes indicate upcoming sell pressure.
What you'll learn 👉
FET Price Drops as Analyst Sees Further Decline
Crypto analyst Boj predicts a steep decline in FET’s price, with a potential target of $0.20. He highlighted a confirmed Head and Shoulders pattern on the weekly chart, reinforcing the bearish outlook.
The token recently broke below a key support zone, flipping it into resistance. This transition, coupled with a failed trendline support, signals a possible continuation to lower levels.
Boj’s analysis shows FET previously followed similar technical setups, often hitting projected targets. He noted that the token tends to respect historical patterns, making the $0.20 level a key downside target.
$FET – Super Alliance Down 🔻📉
— Boj 🙋♂️ (Crypto Analysis) (@CryptoBoj) March 6, 2025
Target: $0.20 🩸
TA:
· Turns Support Box into resistance.
· High-timeframe Head and Shoulders confirmed.
· Likes to hit its targets (see orange lines). pic.twitter.com/Gw4UTBTg20
Intermediate support at $0.30 could provide temporary relief, but sustained selling pressure could drive prices lower.
Read also: Why Is the Crypto Market Down Today as Bitcoin Price Dips Below $90k
FET’s Market Structure Turns Bearish Amid High Selling Pressure
FET has struggled to regain bullish momentum since peaking in early 2024. The token’s long-term uptrend, which started in 2020, showed consistent higher highs and lows. However, the recent breakdown of the support box marks a structural shift.
At publication trading at $0.611, FET has dropped 5.39% in the past day, with a weekly decline of 1.14%, according to CoinGecko. The resistance zone between $0.75 and $0.80 must be reclaimed for bulls to regain control. Otherwise, the path to $0.30 and potentially $0.20 remains open.
The latest exchange deposits by DWF Labs, coupled with bearish technical indicators, add further uncertainty to FET’s price action. A weekly close below $0.60 could accelerate downside moves, confirming the analyst’s projection.
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