 to Binance and Coinbase. Despite the massive liquidation, Solana's price shows remarkable stability, trading at $232.51.){kind=link}
According to on-chain monitoring, the FTX exchange has transferred a total of 4.263 million Solana (SOL) tokens to Binance and Coinbase through 20 different transfer addresses since November 2023.
This massive offloading represents a significant portion of FTX’s Solana holdings. The average price of these transfers was $106.68 per SOL token, amounting to a total value of over $992 million.
This sale was likely part of FTX’s efforts to liquidate its crypto assets in the wake of the exchange’s bankruptcy in November 2022.
FTX’s Remaining Solana Holdings
Despite these substantial transfers, FTX still holds a significant position in Solana. The exchange currently has 6.617 million SOL (around $1.53 billion) staked.
According to FTX’s stated plans, the exchange will continue to unstake and offload approximately 170,000 SOL per month going forward.
This suggests that FTX is methodically managing the sale of its Solana holdings to minimize the impact on the market.
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Solana Price Stability
Remarkably, despite the large-scale selloff by FTX, the price of Solana (SOL) has remained relatively stable.
In fact, the SOL price has increased by 4.52% in the last 24 hours, trading at $232.51 as of the time of this report.
This indicates that the cryptocurrency market has been able to absorb the influx of Solana tokens without significant downward pressure on the price.
This price stability underscores the resilience and growing maturity of the Solana ecosystem.
Also read: FTX Gets Court Approval To Repay Customers, Potential $1 Billion Gain For Shareholders
Previous FTX Solana Sales
This is not the first time the FTX estate has offloaded a substantial portion of its Solana holdings.
In April 2024, the estate sold 25-30 million SOL tokens at $64 per token, generating around $1.9 billion.
This sale was conducted at a 63% discount from the then-current market prices, reflecting the urgency of the FTX estate to liquidate its assets and repay customers.
Also read: FTX Unstakes Over $1 Billion Worth Of Solana Amid Bankruptcy Proceedings
Factors Impacting Solana’s Volatility
In addition to the FTX-related events, other factors have also contributed to Solana’s financial volatility in recent months.
These include Bitcoin sales by the German government, repayments from the Mt. Gox exchange, and the collapse of the FTT token.
These various market events have collectively influenced the price fluctuations of Solana, highlighting the complex interplay of factors affecting the cryptocurrency’s performance.
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