FTX Bankruptcy Estate Unstakes Over 200,000 SOL Worth Over $15 Million

TradingKey - FTX bankruptcy estate plans to sell 200,000 Solana, putting short-term pressure on SOL price.

According to Onchain Lens monitoring on August 12, wallet addresses associated with the FTX / Alameda Research bankruptcy estate, after completing the unstaking of approximately 201,700 Solana (SOL), immediately transferred the funds in batches to multiple BitGo custody accounts, with a total value of approximately $15.2 million. As of press time, SOL was up 0.6%, trading at $76.01.

SOL price chart, Source: TradingView

It is reported that these assets are mainly auctioned and liquidated through over-the-counter (OTC) transactions, aiming to raise cash to repay creditors in FTX's liquidation proceedings. So, does this transaction pose a threat to SOL's price? In response, Bitget Wallet Research pointed out that although OTC transactions can avoid dumping tokens directly on spot order books of decentralized or centralized exchanges, the unlocking and transfer of a large number of tokens will still create psychological pressure on the market, putting downward pressure on short-term prices.

When FTX / Alameda began initial liquidation, it held a massive amount of SOL assets, totaling approximately 55.8 million tokens, accounting for nearly 10% of SOL's total supply. Over the past two years, FTX / Alameda has successively disposed of about 50 million tokens through multiple discounted OTC auctions, selling to institutions such as Galaxy Digital, Pantera, and Neptune Digital. Currently, approximately 5 million tokens remain, which still poses a significant threat to SOL's price.