Substantial SOL Unstaked by FTX-Estate Linked Wallets
Recent on-chain analysis has uncovered significant movement from cryptocurrency wallets associated with the bankrupt FTX exchange and its sister firm, Alameda Research. Monitoring reports indicate that these addresses initiated a major unstaking event, withdrawing 200,000 SOL tokens from staking protocols within a five-hour window. At prevailing market rates, this stash is valued at approximately $13 million.
Funds Dispersed, Indicating Potential Market Sale
Following the unstaking process, the entire batch of SOL was not held consolidated. Instead, it was systematically distributed across multiple fresh wallet addresses. This pattern of fragmentation is commonly interpreted by market observers as a preparatory step for a sell-off, a tactic used to mitigate the price impact of dumping a large holding all at once. The movement has intensified speculation about imminent selling pressure entering the market.
A Consistent Unwinding Strategy with Billions Moved
This activity fits into a well-established pattern of asset liquidation by the FTX estate. Records show that since November 2023, the linked addresses have been methodically redeeming and transferring staked SOL. The cumulative total from this ongoing effort has reached a staggering 10.75 million SOL, equating to over $1.4 billion in value. The average price at the time of these previous transfers was around $130.9 per SOL.
Significant Staked Holdings Remain, Keeping Markets on Alert
Even after this latest move, a considerable amount of SOL remains locked in staking contracts under the control of these entities. Current estimates suggest roughly 2.98 million SOL, worth about $200 million, is still staked. The future handling of these remaining assets is a major point of focus for the market, as their eventual release and potential sale could significantly influence SOL's supply dynamics and price trajectory in the coming quarters.