FTX/Alameda Unloads $432M SOL: Solana Price Drops
The post FTX/Alameda Unloads $432M SOL: Solana Price Drops appeared on BitcoinEthereumNews.com.
FTX/Alameda unstaked 3M SOL, contributing to market volatility and price fluctuations. Solana’s price dropped 19.46%, signaling waning investor confidence amid market downturn. Solana’s Fully Diluted Valuation remains high, suggesting long-term recovery potential. FTX/Alameda Research performed the largest unstaking of Solana (SOL) tokens since November 2023, moving 3.03 million SOL, valued at roughly $432.5 million. These tokens were sent to 37 wallets, likely to be deposited onto major exchanges like Coinbase and Binance. This action is part of a larger plan, with another 11.2 million SOL tokens scheduled to be released in early March 2025. FTX/Alameda unstaked and distributed 3.03M $SOL ($432.5M) to 37 wallets, likely for deposits to #Coinbase and #Binance ~3 hours ago! This is FTX/Alameda’s largest unstake since November 2023 and likely part of the 11.2M $SOL (~$1.5B) set to be unlocked in early March. Since… pic.twitter.com/VfTf5j50GG — Spot On Chain (@spotonchain) March 4, 2025 FTX/Alameda’s SOL Transfers to Exchanges Near $1 Billion Since November 2023, FTX/Alameda has unstaked and transferred a total of 7.83 million SOL tokens (valued at $986 million) to exchanges like Coinbase and Binance. These moves have been linked to price changes in SOL, with prices reacting to these large unstaking events. This pattern of unstaking seems to coincide with both price increases and decreases, suggesting a complex strategy by FTX/Alameda. Solana Price Drops The unstaking of 3 million SOL tokens happens as Solana’s price is experiencing negative headwinds. At the time of this report, the SOL price was trading at $140.88, having fallen 19.46% in the last 24 hours. This price drop follows a trading period between $178.63 and $139.43, and is further affected by a broader crypto market downturn. Solana Market Cap and Trading Volume Decline Data from CoinMarketCap shows that Solana’s market capitalization has also decreased, dropping by 19.16% to $69.58…
Filed under: News - @ March 4, 2025 6:21 am