- FTX has transferred over 4M $SOL tokens worth $454.8M since November 2023.
- Despite ongoing offloads, Solana’s price has remained stable, with a slight rise of 5.3%.
- FTX still holds 6.6M $SOL, with plans to unstake around 170K $SOL each month moving forward.
Since November last year, FTX has been selling most of SOL holdings, worth millions of dollars, to leading exchanges like Coinbase and Binance. This maneuver has raised the interest of market spectators as the crypto exchange is gradually reducing its exposure to $SOL even though the token’s market price is relatively quiet. This deliberate decentralization approach continues to question Solana’s market standing and especially FTX’s position in the system.
A Detailed Breakdown of FTX’s $SOL Transfers
Since November 2023 till date, FTX has unstaked and has transferred about 4, 263, 057 $SOL, valued at $454.8 million, at the time of token transfer. They were made through 20 intermediate wallets with an average price of $ 0.10668 for each $SOL token. This continual drain of assets out of FTX’s control has been an investor/analyst focal point, particularly as the exchange still holds a considerable amount of $SOL.
Since November 2023, FTX has unstaked and transferred 4.263M $SOL ($454.8M) to #Coinbase and #Binance through 20 middle wallets, averaging $106.68 per token.
— Spot On Chain (@spotonchain) December 12, 2024
Currently, FTX still holds 6.617M $SOL ($1.53B) staked and will continue to unstake ~170K $SOL each month, following its… pic.twitter.com/roas9cgMci
Now the defunct exchange has about 6.617M $SOL tokens, worth approximately $1.53 Billion. This figure represents most of its first stock market investment. Based on this basis, FTX has been expected to maintain unstaking 170,000 $SOL per month following the ongoing liquidation plan.
Solana’s Resilience Amid the Offloading
Despite such a massive sell-off, Solana’s price has remained firm. Usually, in such cases, the value of a cryptocurrency can instantly decline, but $SOL held its position. At the time of writing, the price of $SOL is at $230.39, representing an average of 5.3 % more than its previous values.
Leaving aside the explanation of artificially driven metrics, the decision of FTX to keep unstaking and transferring $SOL tokens creates concerns in the Solana ecosystem. At present, the market has not responded negatively to these actions yet, but if the offloading continues, it can have a bigger effect on the value as the remaining FTX holding will decrease.