FTX wallet linked to unstaked $23.75M in Solana, raising sell off concerns

A wallet linked to the bankrupt FTX exchange recently unstaked 177,693 SOL tokens, valued at $23.75 million, from Solana, according to on-chain data.

Typically, tokens are sent to exchanges to be sold after unstaking. However, as of press time, FTX has yet to move its unstaked Solana holdings.

Nevertheless, the transaction raised concerns that FTX might plan to sell more Solana tokens, as it had done earlier. Earlier this year, the FTX estate auctioned portions of its Solana assets to institutional investors like Pantera Capital and Galaxy Trading.

Meanwhile, a key detail in this recent transaction is that the unstaked 177,693 SOL represents only a fraction of the wallet’s holdings. Solscan data shows that the FTX-associated wallet still holds 7.1 million SOL, valued at around $953 million.

Market observers noted that such large SOL tokens could significantly impact the asset price if unstaked and sold.

Despite these speculations, Solana continues to perform well. SOL gained 2.5% over the past 24 hours, trading at $135.26 at the time of writing.

This price performance could be linked to the broader crypto market recovery, with Bitcoin climbing to $58,000, while other major digital assets like Ethereum, BNB, and others also registered gains.

In a related development, FTX’s sister company, Alameda Research, shifted some of its crypto holdings to centralized exchanges Binance and Coinbase.

According to Arkham Intelligence data, Alameda moved 143,800 Worldcoin (WLD), worth approximately $200,000, to Binance and 373 AAVE, valued at $55,300, to Coinbase within the last eight hours.

These transactions are part of the firm’s ongoing asset liquidation efforts amid its bankruptcy proceedings. 

Meanwhile, the defunct company wallet still holds about $220 million in digital assets, primarily in BitDAO (BIT), Worldcoin, and Stargate Finance, with a combined value of $130 million.

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