Key Points
- FTX-linked wallet unstaked 177,693 SOL tokens ($23.75 million), sparking concerns about potential sell-off.
- Despite unstaking fears, Solana’s price remains strong, trading at $135.26 with a 2.5% gain in 24 hours.
FTX Unstakes Significant Solana Holdings
On September 12, 2024, a wallet associated with the bankrupt cryptocurrency exchange FTX unstaked 177,693 SOL tokens, valued at approximately $23.75 million, from the Solana network. This action has raised concerns among market observers about a potential sell-off, given that unstaked tokens are often moved to exchanges for liquidation.
However, as of the time of reporting, the unstaked SOL tokens have not been transferred to any exchange. It’s worth noting that this unstaked amount represents only a fraction of the wallet’s total holdings. According to Solscan data, the FTX-linked wallet still retains a substantial 7.1 million SOL, valued at around $953 million.
Market Impact and Solana’s Performance
Despite the unstaking event, Solana’s price has shown resilience. SOL gained 2.5% over the past 24 hours, trading at $135.26 at the time of writing. This positive performance aligns with the broader cryptocurrency market recovery, as Bitcoin climbed to $58,000 and other major digital assets like Ethereum and BNB also registered gains.
However, market analysts caution that the large SOL holdings in the FTX-associated wallet could potentially impact the asset’s price significantly if unstaked and sold in large quantities.
Alameda Research’s Asset Movements
In a related development, data from Arkham Intelligence indicates that Alameda Research, FTX’s sister company, has been actively moving some of its cryptocurrency holdings to centralized exchanges. Within the last eight hours, Alameda transferred:
- 143,800 Worldcoin (WLD), worth approximately $200,000, to Binance
- 373 AAVE tokens, valued at $55,300, to Coinbase
These transfers are part of Alameda’s ongoing asset liquidation efforts amidst its bankruptcy proceedings. The company’s wallet still holds about $220 million in digital assets, with significant holdings in BitDAO (BIT), Worldcoin, and Stargate Finance, totaling around $130 million.
As the cryptocurrency market continues to navigate the aftermath of FTX’s collapse, investors and analysts alike will be closely monitoring these large-scale token movements and their potential impact on asset prices and market dynamics.
