Filecoin [FIL] analysts endured a wild opening day of trading as the highly anticipated token soared & dived across all markets, finally settling around $40 USD on 16th October.
Trading started at 18:25 UTC earlier on Thursday for many markets, and within the primary 4-hours, filecoins and filecoin futures contracts traded hands at prices between $37 USD & $100 USD, consistent with pricing data from TradingView.
Futures for the new token are trading in heavy backwardation on FTX, the major filecoin futures exchange. Filecoin futures were trading hands around $15 USD on FTX eventually at last check compared to $39.50 USD on Binance’s spot exchange, representing a basis of 160%, consistent with CoinGecko.
The protocol’s ICO earlier in July 2017 sold tokens to investors at a variety of $1 USD to $5 USD with six-month to three-year vesting schedules, consistent with data from Messari. At the present prices, early investors have earned between 700% and 3,900% returns over the past three years.
Filecoin’s remarkable early price action evoked a variety of reactions from investors and market analysts.
After an erratic first few hours of trading, the futures backwardation seems to imply the market “pricing in future inflation” for filecoin’s supply, said Eric Turner, director of research at Messari, within a private message.
Filecoin SAFTs [Simple Agreements for Future Tokens] with 6-month vesting schedules were priced between $18 USD and $19 USD right before trading officially launched, Turner added.