- FTX’s bankruptcy proceedings may significantly impact major cryptocurrencies like Solana (SOL).
- Data from on-chain and analytics platform Lookonchain indicates that a wallet associated with FTX and Alameda Research is unstaking more than $1 billion worth of SOL coins.
- Despite continuing to unstake large amounts of SOL, the overall market price of Solana has seen some resilience.
Discover how FTX’s bankruptcy and subsequent SOL transactions could impact the market. Expert insights and data analysis inside.
FTX and Alameda’s Continued Unstaking of Solana (SOL) Coins
Recent on-chain data shared by Lookonchain reveals that FTX and Alameda Research have been steadily unstaking significant amounts of Solana (SOL). In the past three months alone, these wallets have unstaked around 530,000 SOL, distributing them across various addresses. This situation continues as the entities unstake an average of 176,700 SOL per month, including a notable unstake of 177,693 SOL on September 12th.
Implications of Large-Scale Unstaking
Despite the massive unstaking activities, FTX and Alameda’s wallets still hold around 7.06 million SOL, valued at approximately $945.7 million, primarily for staking purposes. This trend is reminiscent of the heavy unstaking and subsequent transfers to Coinbase that occurred between November and December 2023.
Potential Market Impact
Given that coins transferred to centralized exchanges like Coinbase are often sold, investors are concerned that these unstaking activities might generate substantial selling pressure on Solana. While some analysts believe that these fears might be overstated, the market remains cautious.
Solana’s Market Resilience
Interestingly, despite the potential selling pressure from FTX and Alameda, Solana’s market price has shown resilience. According to CoinGecko, SOL has experienced a 3.2% increase over the past week, currently trading at $134. This price stability amidst speculative fears highlights the stronger market fundamentals and investor confidence in Solana.
Conclusion
While the continued unstaking by FTX and Alameda could pose challenges, Solana’s market value demonstrates significant resilience. Investors should keep an eye on further developments but can take solace in Solana’s robust performance despite these apparent pressures.
