FTX may very well be getting ready to dump extra of its Solana holdings, with the newest resolution to unstake extra tokens sparking fresh selloff fears.
In response to data from Solscan, 178,631 Solana (SOL) tokens have been redeemed from FTX’s staking tackle and are anticipated to be transferred to a number of wallets, with most ultimately flowing into main exchanges like Binance and Coinbase.
This sample is per FTX’s common SOL transfers, which generally happen between the twelfth and fifteenth of every month.
In the meantime, the tackle nonetheless holds 7.09 million SOL, valued at over $1.1 billion, triggering fears of one other selloff.
This newest transfer is a part of FTX’s ongoing liquidation of its huge cryptocurrency holdings. Because the trade’s collapse in 2022, it has been progressively offloading its property to pay again collectors. A Delaware choose approved money repayments earlier this month.
Per a crypto.information report, FTX and its buying and selling arm Alameda Analysis transferred over 13 million SOL to crypto exchanges over the 2 months resulting in December 2023. Notably, in one occasion final November, the corporate unstaked and moved SOL tokens valued at $160 million.
Studies from April 2024 confirmed that the corporate offered over $1.9 billion in Solana at an enormous low cost in a determined try and scoop up funds. Sources additionally suggested plans to dump extra Solana tokens via a blind public sale, with this sale concluded in Might, totaling $2.6 billion.
FTX’s sale of SOL is a part of a broader effort to liquidate its property as a part of the chapter course of. In September 2023, a court docket greenlighted FTX’s plan to liquidate $100 million in crypto weekly, with the potential for a rise to $200 million if wanted.
FTX’s remaining crypto holdings, which embrace different main property like Ethereum (ETH) and Polygon (MATIC), are anticipated to proceed being offered in a bid to get better billions owed to collectors.
