The post FTX Unstakes Over 178,000 Solana Tokens Amid Bankruptcy Reorganization Approval appeared on BitcoinEthereumNews.com.

FTX continues its regular monthly Solana redemptions following a U.S. court’s approval of its reorganization plan. Early on October 15, FTX’s staking address, linked to FTX/Alameda, redeemed 178,631 SOL tokens valued at over $128 million at current market prices. This recent move continues a trend observed over the past few months, where similar-sized transactions occur between the 12th and 15th of each month.  The SOL staking address of FTX/Alameda redeemed 178,631 SOL (US$28 million) today, most of which are expected to flow into Coinbase or Binance. The SOL of this address is redeemed and transferred out about 170k SOL on the 12th to 15th of each month. Currently, there are 7.09… — Wu Blockchain (@WuBlockchain) October 15, 2024 These SOL redemptions are anticipated to find their way to major crypto exchanges such as Coinbase and Binance, especially after FTX’s reorganization plan gained approval. https://x.com/thecryptobasic Under this plan, over $14 billion is allocated to customer payouts. The reorganization plan’s implementation is likely to prompt further asset liquidations, including substantial Solana holdings. Ongoing SOL Transfers and Market Impact FTX and Alameda Research have been steadily offloading their SOL assets in recent months. As of September, the firm unstaked over 530,000 SOL, valued at approximately $71 million. These assets were redistributed across multiple addresses, with monthly SOL redemptions averaging around 176,700 tokens, valued at $23.5 million. On one occasion, a single redemption amounted to 177,693 SOL worth $23.75 million. Despite these frequent transfers, FTX and Alameda retained a large stake of approximately 7.06 million SOL, worth around $945.7 million as of mid-September. The potential for further liquidations has raised concerns among investors, as increased supply of SOL in the market could negatively affect its price. With FTX’s continued redemptions and the reorganization plan enabling asset redistribution, the cryptocurrency’s price may face downward pressure…

---

Filed under: News - @ October 15, 2024 2:21 pm