Does $ATM’s Recent Crash Suggest Alvarez is Heading to Arsenal?

There are less than 36 hours to go until the transfer window slams shut, and rumours persist that Atlético Madrid’s star man Julián Alvarez is heading to north London. Rumours that haven’t escaped the attention of $ATM traders.

The summer transfer window closes tomorrow night at 23:00 BST (Sept. 1) and a host of clubs are striving to get deals done before then, none more significant than Arsenal’s audacious bid to capture World Cup winner Alvarez.

This saga has unfolded over a number of weeks, but with the deadline imminent, let’s take a look at how the markets are reacting.

$ATM Tanks 23.8%, Do Traders Expect Alvarez to Leave?

Early this morning, during one half-hour period, the value of the Atlético Madrid Fan Token® ($ATM) fell from $1.30 to $0.99, a fall of 23.8%.

Although a mini-recovery was staged, with the price driven back up to $1.23 within two hours, the sharp fall could be read as signifying that traders anticipate Alvarez’s exit to pastures new.

At the time of writing, $ATM is trading at $1.15, representing a 14% drop in the last 24 hours. 24hr trading volume for the token is the highest in the ecosystem, at $5.4M.

The Alvarez imbroglio, and its effect on the sentiment around $ATM, highlights the impact transfer news and scuttlebutt can have on Fan Token® digital assets.

Argentine attacker Alvarez has put on record his desire to leave Atlético, but his employers are reluctant to let him join rivals Barcelona, his preferred destination. The 26-year-old, who was recently booed by fans, was left out of the squad that travelled to face Sevilla this past weekend.

Can Atlético End Trophy Drought This Season?

Interestingly, the falling value of $ATM coincides with an uptick in the club’s fortunes: Atlético are second in La Liga with two wins and a draw from their opening three games.

On Saturday, Diego Simeone’s men comfortably beat Sevilla 3-1 thanks to a brace from Álex Baena and a goal from Ademola Lookman.

Hopes are high that Atlético can land a trophy this season, following a strong campaign in which they made it to the UCL semifinals and narrowly missed out on the Copa del Rey following a penalty shootout loss. Will this optimism persist if Alvarez departs in this window?

Now in his sixteenth season, Diego Simeone has turned Atlético into a major force with two La Liga wins, a Copa del Rey, two Europa League titles, and two UEFA Super Cups. However, the club has not won a major honour since the 2021/21 La Liga.

Ronnie McCluskey: Fan Token® Market Reporter