Unstaked Solana (SOL) Worth $431 Million Dematerialized from FTX and Alameda Wallets

Unstaked Solana (SOL) Worth $431 Million Dematerialized from FTX and Alameda Wallets

Warning Bells Ring as FTX and Alameda Offload Solana Worth $431 Million

Looks like there's some serious shuffling going on in the crypto world! Addresses associated with the bankrupt FTX and Alameda Research have offloaded a whopping 3.03 million Solana (SOL) tokens, worth a staggering $431 million, as per analysts from Lookonchain. Here's the kicker - 24,799 of those SOL tokens, valued at $3.38 million, have been deposited to #Binance.

On March 4, 2025, these companies distributed the unstaked SOL across 37 wallets, marking the largest unstaking event since November 2023, when FTX and Alameda unlocked 2.1 million SOL worth $141 million. This recent move has stirred up a storm in the crypto market, drawing attention due to the ongoing FTX bankruptcy proceedings and fears of potential selling pressure on Solana.

In total, these firms have unstaked a substantial 7.83 million SOL, valued at around $986 million. According to analysts, most of the tokens were likely sold via Binance and Coinbase at an average price of $125.8 per coin.

While former FTX customers with assets under $50,000 started receiving their first payouts through Kraken and BitGo on February 18, 2025, the current situation is a different ball game. The market is closely watching for signs of liquidation or any movement of these assets to exchanges, which would suggest potential selling pressure.

So far, there's no solid evidence that the unstaked SOL has been distributed to Binance or Coinbase. The tokens remain idle in the on-chain address associated with FTX/Alameda, with no large transfers to these exchanges reported or detected.

The market is rife with concerns over potential future sales, given FTX’s history of liquidating assets to repay creditors. This event comes amidst broader market volatility and upcoming token unlocks, with over 3.5 million SOL expected between June and August 2025 (some sources erroneously reference 2024, but the context suggests 2025).

Analysts are divided on the outlook for Solana. While some foresee potential sell-offs, others propose a bullish technical pattern for SOL, hinting at a possible upward breakout. However, this is dependent on how FTX and Alameda manage their remaining SOL holdings.

Stay tuned for updates on this evolving situation! In the meantime, keep your crypto cloak on and stay vigilant. 🐦👀💰📈

1. The recent offloading of Solana worth $431 million by FTX and Alameda Research has been reported, with a portion of the tokens being deposited onto Binance, causing ripples in the crypto industry and finance.
2. Amidst ongoing concerns over FTX's liquidation of assets and potential sell-off of Solana, the technology sector is closely monitoring the tokens' movement, particularly any signs of distribution to exchanges such as Binance or Coinbase.

Read also: