Hi Guys,
It's Big & Big #alert about #FTX's Unstaking $23.75 Million !!!
FTX Unstakes $23.75 Million in Solana Tokens: What Will Happen to SOL Price?
An FTX/Alameda-affiliated wallet redeemed 177,693 Solana (SOL) tokens, worth approximately $23.75 million, from the Solana Proof-of-Stake (PoS) network.
This move has sparked discussion about the potential impact on Solana’s price and the broader implications for the cryptocurrency market.
The wallet in question, identified as H4y…gFZ, still holds a substantial amount of Solana tokens. Even after this redemption, the wallet retains 7.057 million SOL, valued at around $943 million, in staking.
FTX/Alameda associated wallet H4y…gFZ redeemed 177,693 SOL (US$23.75 million) from Solana PoS staking today, and may transfer SOL to CEX in the future. H4y…gFZ address currently still has up to 7.057 million SOL (US$943 million) in staking.
Most of the SOL held by FTX may…
This holding continues to make FTX one of the largest holders of SOL coins, despite its bankruptcy in November 2022.
The recent unstaking event is part of a larger trend of FTX gradually offloading its Solana holdings. In November 2023, the same wallet unstaked $67 million worth of SOL and transferred
it to Coinbase.
Later, in December 2023, another FTX-linked address unstaked approximately $90 million worth of SOL, which was also sent to Coinbase.
These actions are likely related to FTX’s efforts to repay its creditors. The court has ordered FTX to repay up to $16 billion in credits, which the company plans to facilitate using stablecoins.
To raise the necessary funds, FTX is expected to expedite its Solana sales, potentially through over-the-counter (OTC) transactions to minimize market impact.
