FTX/Alameda Address Unstakes Another $13M in SOL, Sending Funds to Exchanges

A suspected wallet linked to the collapsed FTX and Alameda Research entities has unstaked another 200,000 Solana (SOL), valued at approximately $13.01 million, according to blockchain monitoring firm AmberCN. The transaction, which occurred roughly five hours ago, was followed by the funds being split and deposited into the centralized exchanges Coinbase and Binance.

Pattern of Gradual Liquidation

This latest movement is part of a sustained and methodical process of unstaking and distributing SOL from the FTX/Alameda bankruptcy estate. Since November 2023, the primary staking address in question has withdrawn a cumulative total of 10.75 million SOL, representing an estimated $1.407 billion at the time of each transaction. The ongoing activity suggests a structured liquidation plan rather than a sudden market dump.

The address currently retains a remaining balance of 2,985,000 SOL, worth approximately $200 million at current market prices. This indicates that the estate still holds a significant position, and further unstaking events are likely in the coming weeks or months.

Market Implications and Context

The consistent flow of SOL from FTX/Alameda wallets to exchanges has been a known overhang on the Solana market. However, the market has largely absorbed these periodic distributions without major disruption, partly because the amounts are relatively small compared to Solana’s daily trading volume. The gradual nature of the liquidation, likely managed by the bankruptcy estate’s advisors, appears designed to minimize price impact.

It is important to note that the funds are being sent to centralized exchanges, which typically indicates an intent to sell or convert to fiat currency, a standard procedure in bankruptcy asset liquidation. The FTX estate is required to maximize returns for creditors, and selling digital assets is a core part of that process.

What This Means for SOL Holders

For Solana investors, the primary concern remains the potential for selling pressure. While the estate’s holdings are substantial, the market has demonstrated resilience. The key metric to watch is not just the unstaking events themselves, but whether the deposited SOL is immediately sold on the exchanges or held in wallet addresses. On-chain data suggests that in many past instances, the funds have been moved further, consistent with a sell-off.

Conclusion

The latest $13 million SOL unstaking from the FTX/Alameda estate continues a predictable pattern of gradual liquidation. While the remaining $200 million in staked SOL represents a future supply overhang, the market has so far absorbed these flows without significant volatility. Creditors and market participants will continue to monitor the staking address for further activity as the bankruptcy process advances.

FAQs

Q1: Why is FTX/Alameda unstaking and moving SOL?
The FTX bankruptcy estate is liquidating assets to raise cash to repay creditors. Unstaking SOL and sending it to exchanges is a standard step to convert the cryptocurrency into fiat currency.

Q2: Will this cause the price of SOL to drop?
While large sales can create selling pressure, the estate has been distributing funds gradually over many months. The market has largely priced in this ongoing liquidation, and significant price drops have been limited. However, any sudden acceleration of unstaking could increase volatility.

Q3: How much SOL does the FTX estate still hold?
As of the latest transaction, the primary staking address holds approximately 2.985 million SOL, worth around $200 million. This does not include any other wallets or assets the estate may control.