TLDR:
- A wallet linked to FTX/Alameda has released 177,693 SOL, corresponding to $23.75 million, from Solana’s staking system.
- FTX's wallet is still in possession of 7.057 million SOL, which amounts to $943 million in ongoing staking.
- Hovering around $135, Solana has experienced a 35% boost this year.
- Caroline Ellison is slated for a court hearing on September 24.
- FTX mandated to reimburse up to $16 billion, intending to settle using stablecoins.
An affiliate wallet of FTX/Alameda gathered 177,693 Solana (SOL) tokens, equaling about $23.75 million, from Solana's Proof-of-Stake channel.
This strategy has initiated debates regarding its effects on Solana's rate and broader repercussions on the crypto arena.
The scrutinized wallet, known as H4y…gFZ, after redemption, still maintains 7.057 million SOL in staking, worth roughly $943 million.
Wallet H4y…gFZ, tied to FTX/Alameda, today released 177,693 SOL ($23.75 million) from Solana PoS staking; it might move SOL to a centralized exchange (CEX) soon. Address H4y…gFZ currently possesses around 7.057 million SOL, equating to $943 million, tied up in staking. A large portion of FTX’s SOL might soon...
— Wu Blockchain (@WuBlockchain) September 12, 2024
This retained stock makes FTX one of Solana's biggest stakeholders. of SOL coins , despite its bankruptcy in November 2022.
The recent unstaking event As part of a gradual divestment, FTX continues to offload its Solana stock network. In November 2023, the same wallet liberated $67 million in SOL sending it to Coinbase.
Subsequently, come December 2023, another FTX-linked address released $90 million of SOL, eventually reaching Coinbase.
These events are broadly connected to FTX's debtor repayment attempts, with court rulings pressuring refunds reaching up to $16 billion, supported through stablecoin transactions.
To gather the required capital, FTX is anticipated to quicken Solana sales, likely preferring over-the-counter (OTC) deals to curb market disturbances.
Notwithstanding such major asset shifts, Solana remains robust in value. Recent stats cite SOL pricing at about $135, a 35% rise since 2024 kicked off.
This consistency indicates most market players have adapted to expected FTX sell-offs and that demand for Solana stays strong among well-informed and institutional buyers.
Prior to its downfall, FTX had close ties with Solana; its collapse in November 2022 initially plunged SOL values to $8. Nonetheless, Solana rebounded strongly, marking recovery from the FTX fallout.
Caroline Ellison, ex-CEO of Alameda Research, faces her sentencing on September 24. She pled guilty under a plea arrangement in Sam Bankman-Fried's court case. Her aiding in court could influence her future sentencing.
Solana maintains a strong institutional appeal, underscored by the latest acceptance of spot contracts. Solana ETFs in Brazil. This landmark secures SOL’s foothold in institutional circles, potentially counteracting any adverse impact from FTX's asset unloading tactics.
Persisting strength in Solana’s pricing despite considerable token activity affirms the market's positive outlook on the blockchain’s lasting potential.
