A whale recently unstaked 106,213 $SOL, valued at $14.3 million, and deposited it into Binance just two hours ago, marking another significant movement of Solana tokens.
Meanwhile, over $1 billion worth of $SOL is being unstaked by FTX/Alameda, raising eyebrows in the crypto community.
A whale unstaked 106,213 $SOL($14.3M) and deposited it into #Binance 2 hours ago.https://t.co/k4JynbJppU pic.twitter.com/61Ckc1Omud
â Lookonchain (@lookonchain) September 13, 2024
In the past three months, FTX/Alameda has unstaked a total of 530,000 $SOL (worth approximately $71 million) and transferred it to various addresses. On average, theyâve been unstaking 176,700 $SOL per month, totaling $23.5 million monthly. Despite these massive withdrawals, FTX/Alameda still holds a considerable amount of staked $SOLâaround 7.06 million tokens, currently valued at $945.7 million.
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
â Lookonchain (@lookonchain) September 13, 2024
Solana Defi Thrives Despite Active Unstaking
While whales and major entities are actively unstaking, Solanaâs DeFi ecosystem is thriving. The amount of $SOL locked in Solana DeFi, including liquid staking protocols, has reached a new all-time high of 33 million $SOL. This figure represents 7.07% of Solanaâs total circulating supply, indicating growing confidence in decentralized finance platforms and the increasing utility of $SOL within the DeFi space.
đšJUST IN: SOL locked in Solana DeFi (including Liquid staking) reached a new All-Time High of 33M $SOL. 7.07% of the total SOL circulation supply is now locked in DeFi.
Report by @Syndica_io pic.twitter.com/4hjQ95dqIn
â SolanaFloor (@SolanaFloor) September 12, 2024
These movements highlight contrasting trends within the Solana ecosystem. On one hand, large investors like FTX/Alameda are reducing their staked holdings, potentially signaling caution or strategic repositioning. On the other hand, the record-high DeFi locking shows that the Solana network continues to see strong demand for decentralized financial services.
As the balance between unstaking and DeFi locking evolves, $SOL holders and investors are closely watching how these trends will impact the tokenâs price and its role in the broader crypto market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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