Over the last few months, significant activity has been observed in the Solana ($SOL) staking portfolio of FTX/Alameda. According to blockchain data, over $1 billion worth of SOL is being gradually unstaked from the platform’s addresses. FTX/Alameda has unstaked a total of 530K SOL equivalent to $71,000 in the last three months. This unstaking effort has involved multiple transfers to various addresses, with an average monthly unstake rate of 176.7K SOL (approx. $23.5M per month).
Over $1B worth of $SOL is being unstaked by FTX/Alameda!In the past 3 months, FTX/Alameda has unstaked 530K $SOL($71K) and transferred it to multiple addresses, averaging 176.7K $SOL($23.5M) unstaked per month.FTX/Alameda still has 7.06M $SOL($945.7M) staked.… pic.twitter.com/lhfVDsEc99
— Lookonchain (@lookonchain) September 13, 2024
According to stats from Lookonchain, this activity has led to speculation among the crypto community about FTX/Alameda’s intentions and potential impact on the broader market. Despite the sizable withdrawals, FTX/Alameda still retains a substantial stake in Solana. Their remaining staked SOL amounts to 7.06 million SOL, which, at current market prices, translates to approximately $945.7M. This vast staked amount underscores the significant influence that FTX/Alameda still holds over Solana’s staking network.
Context and Potential Impact
The recent withdrawals have sparked discussions, particularly in light of FTX/Alameda’s ongoing legal and financial challenges. With these unstaking moves, analysts are closely monitoring whether these funds will be liquidated or redeployed elsewhere. The attached screenshots from the Solana explorer further highlight these unstaking transactions and the flow of SOL from FTX/Alameda-controlled addresses to other wallets, including five notable unstake events in the last two months.
The ongoing unstaking pattern suggests more withdrawals may follow. FTX/Alameda’s decisions could significantly impact SOL’s staking ecosystem and market sentiment. While their staked holdings remain substantial, the continuous withdrawal trend raises questions about the future trajectory of their involvement in the Solana network.
This article sheds light on the significant unstaking activities involving one of Solana’s largest institutional stakeholders, with broader implications for both Solana and FTX/Alameda’s future strategies.
