On Monday, the FTX estate sent 750,000 shares of Solana (SOL) worth approximately $30 million to crypto exchanges Binance and Kraken, the first step toward a prospective sale, pushing the price down 5% in 24 hours.
The $30 million transfer brings the total amount of SOL sent to exchanges to $102 million, the largest of any liquid asset, while the token’s price is approaching its all-time high.
So far, the estate of the bankrupt crypto exchange has transferred $102 million in SOL to exchanges in a sequence of transactions that might put selling pressure on the token
1/ In the past 24 hours, #FTX transferred a total of 1.1M $SOL ($42.35M) and 7,183 $ETH ($12.9M) to sell.
As of Nov 3, #FTX had transferred ~$221.7M in crypto assets.
How many assets does #FTX have left?👇 pic.twitter.com/piQY8ATW9X
— Lookonchain (@lookonchain) November 3, 2023
According to CoinDesk, SOL is the largest asset on the FTX estate balance sheet, valued at just over $1.16 billion.
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While the token has increased about 70% in the last month and is up 10% year on year, the price has plummeted 15% from a 14-month high on signals that a recent rally may be losing strength due to imminent sale pressure. The first stage in liquidating assets is unstaking and shifting tokens to exchanges, but the estate has yet to sell any.
The Securities and Exchange Commission (SEC) alleged in a suit earlier this year that Solana was a security, but market volatility eased after the Solana Foundation publicly disputed the SEC’s allegation and Ripple scored a partial victory that legal experts said was a setback in the commission’s war on crypto.
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