FTX and Alameda Unstake 3.03 Million Solana... "Largest Scale Since November Two Years Ago"

Bankrupt cryptocurrency exchange FTX and its affiliate Alameda Research have unstaked a large amount of Solana (SOL).

According to CoinTelegraph on the 4th (local time), LookOnChain stated, "Today, FTX and Alameda unstaked 3.03 million SOL," adding that "this amounts to approximately $431 million (about 628.8 billion won)." They further noted, "After unstaking, 25,000 SOL ($3.3 million) was deposited to Binance." Typically, large deposits to exchanges could lead to increased selling pressure.

The media outlet reported, "This is the largest unstaking since November 2023," and added that "the two companies have been continuously unstaking millions of Solana and transferring them to exchanges."

However, it is assessed that this volume is unlikely to result in large-scale selling pressure. The media stated, "It is unlikely that $400 million worth of SOL will be sold at once," and noted that "in September last year, the Delaware Bankruptcy Court set limitations on the scale of FTX's cryptocurrency sales."

According to the court ruling, FTX can sell cryptocurrencies on a weekly basis, with a weekly limit of around $100 million. If they wish to sell more assets, they must receive additional approval from the court.