The post FTX sells $31.5 million worth of Solana amid market downturn appeared on BitcoinEthereumNews.com.

The bankruptcy estate of FTX and Alameda Research has unstaked 188,000 staked Solana tokens worth $31.5 million. Onchain analyst Ember_CN noted that the funds were moved to 30 addresses after the unstaking. The redemption continues the trend of monthly unstaking of SOL by the defunct exchange dating back to November 2023. Each unlock has happened without fail every tenth day of the month and could continue for a while given the amount of SOL that the exchange still has. According to Ember_CN, the FTX staking address has redeemed 8.407 million SOL tokens since it started in 2023. All the tokens are transferred to various addresses, followed by sales on centralized exchanges such as Binance and Coinbase. Overall, the FTX estate has sold $1.094 billion worth of SOL through this method, with the average transfer price being $130. However, the exchange still has around 5.046 million SOL staked worth $726 million at current prices. Interestingly, the recent redemption and potential sell-off coincides with a massive drop in SOL value, with the token dropping more than 8% over the last 24 hours. Its slump during that period saw it fall from around $160 to $141.43, but it has now recovered to around $146. SOL decline is due to a broader market crash likely caused by geopolitical tensions resulting from Israel’s air attack on Iran’s nuclear facilities. The incident caused a 3.21% fall in the crypto market cap, with the S&P 500, Nasdaq, and Dow 30 also seeing a decline in value. FTX is preparing for a new round of distributions Meanwhile, the latest SOL unstaking by FTX administrators comes as the exchange prepares for the third phase of distribution to creditors. So far, the exchange has refunded over $7 billion to different classes of creditors, with the latest concluding on May 30.…

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Filed under: News - @ June 13, 2025 8:26 pm