FTX Unstakes $21.5M in Solana Amid Ongoing Sell-Off
FTX and Alameda unstake 186,326 SOL worth $21.5M, possibly signaling more asset sales during bankruptcy proceedings.
- FTX/Alameda unstaked 186,326 SOL worth $21.5M
- Action may indicate upcoming token liquidation
- Could impact short-term sentiment around Solana
FTX Moves Another $21.5M in Solana
FTX and Alameda Research have unstaked 186,326 Solana (SOL) tokens today, equivalent to around $21.5 million. This is the latest in a string of large-scale SOL movements as part of the bankrupt exchange’s effort to recover funds and repay creditors.
The unstaking was detected via on-chain tracking tools, and it’s raising alarms across the crypto space. Every move from FTX-linked wallets draws attention, especially with fears of sudden sell-offs in the market.
Possible Liquidation Ahead
While not all unstaked tokens are sold immediately, this action strongly suggests potential liquidation is on the horizon. Previous patterns show that unstaked assets from FTX often make their way to exchanges or are sold in OTC deals.
Given the size of the movement, traders and investors are watching closely to assess the potential price impact on Solana. Large sales could create temporary selling pressure, especially if done on open markets.
Still, some analysts argue that the market has partially priced in FTX-related movements, especially with court-approved liquidation plans already in motion.
Solana Stays Resilient
Despite FTX’s legacy holdings in Solana, the network has shown strong performance recently with growing adoption in DeFi, NFTs, and new blockchain infrastructure. However, major wallet movements like this one continue to weigh on market sentiment.
Whether these tokens are sold soon or not, the crypto market remains alert to any further on-chain signals from FTX and Alameda-linked addresses.
