FTX/Alameda Unstakes 3.03M SOL Worth $432.5M

• FTX/Alameda unstaked 3.03M SOL, worth $432.5M.
• Transfers likely headed for Coinbase and Binance.
• Total 7.83M SOL offloaded since November 2023.

FTX/Alameda Unstakes and Moves 3.03M SOL

In a significant move, FTX/Alameda has unstaked and distributed 3.03 million Solana (SOL), valued at approximately $432.5 million, to 37 different wallets. The transfers, which occurred roughly three hours ago, suggest a potential deposit to major exchanges like Coinbase and Binance.

This marks FTX/Alameda’s largest unstaking event since November 2023 and aligns with the planned unlocking of 11.2 million SOL, valued at around $1.5 billion, set for early March 2024. The movement of such a large amount of SOL raises speculation about a potential sell-off or strategic liquidity maneuver.

Largest SOL Unstaking Since November 2023

Since November 2023, FTX/Alameda has unstaked and offloaded approximately 7.83 million SOL, totaling around $986 million. The average sale price of these assets has been $125.8 per SOL. This pattern of systematic unstaking and transfers suggests a calculated liquidation strategy, possibly aimed at recovering funds for creditors in the ongoing bankruptcy proceedings.

The latest unstaking event is a crucial development in the ongoing restructuring efforts of FTX and Alameda. It remains to be seen whether this SOL will be sold immediately or gradually offloaded into the market. Crypto traders and investors are keeping a close watch on potential impacts on Solana’s price and market stability.

Market Impact and Future Outlook

The unstaking and potential sale of such a large SOL volume could exert downward pressure on the price of Solana. However, strong buying interest and Solana’s growing ecosystem could help absorb the impact. The coming days will be crucial in determining the price action of SOL as traders analyze the implications of these transfers.