FTX and Alameda Wallets Unstake 3 Million Solana Tokens: What’s Going On?

Introduction

In a notable development for the cryptocurrency market, the defunct exchange FTX and its trading firm, Alameda Research, have recently unstaked and distributed over 3 million Solana (SOL) tokens. This significant move marks their largest SOL unlock since November 2023 and has reignited concerns regarding the potential impact on the market as these firms continue their asset liquidations. In this article, we will delve into the implications of this event and what it means for the future of Solana and the broader crypto market.

Details of the Unstake

According to a report from Lookonchain, the 3.03 million SOL tokens, valued at approximately $431.4 million, were distributed across 37 different wallets. This distribution has sparked speculation among analysts and investors regarding potential sales.

• Approximately 25,000 SOL (worth $3.3 million) has already been deposited on Binance, indicating that a portion of these assets may indeed be sold on the open market.
• The recent unstake is part of a broader pattern of asset management seen since FTX’s collapse, where large amounts of SOL have been unstaked and transferred at regular intervals.

This latest action has been described as a continuation of a trend observed since FTX’s downfall, with the firm typically unstaking a significant amount of SOL between the 12th and 15th of each month.

Market Sentiment and Potential Impact

The ongoing token unlocks could have a pronounced effect on market sentiment, especially with more similar events anticipated in the coming months. Blockchain analysts have noted that this latest unstake is part of a larger portion of 11.2 million SOL (worth nearly $2.06 billion) set to be unlocked in early March.

To date, FTX and Alameda have successfully unstaked and liquidated approximately 7.83 million SOL since November 2023. Data reveals that around $986 million worth of SOL has been deposited into major exchanges like Coinbase and Binance at an average price of $125.8.

FTX’s Liquidation Constraints

Despite the substantial amount of tokens being unlocked, FTX is operating under court-imposed restrictions concerning asset liquidations. In September 2023, the Delaware Bankruptcy Court approved a liquidation plan that limits FTX’s ability to sell its digital assets. The plan allows for a maximum of $50 million in asset sales during the first week, which can increase to $100 million in subsequent weeks. Should FTX wish to exceed these limits, it must seek court approval to raise the cap to $200 million weekly.

FTX’s unstaking activity coincides with its creditor repayment process, which began on February 18, 2025. The firm has initiated the distribution of $1.2 billion to smaller claim holders, with initial payouts targeting claims under $50,000. Larger creditors may receive up to 175% of their claims, with distributions expected to be staggered throughout the year.

Market Reactions and Future Uncertainties

Historically, large token unlocks have had a significant impact on the price of Solana. For instance, in September 2024, when FTX unstaked over $1 billion in SOL, the token remained steady near $137.77 and even reached an intraday high of $139.76. However, market sentiment appears to be different this time around.

The early deposit of approximately 24,799 SOL ($3.38 million) on Binance indicates potential selling pressure that could influence price movements. Additionally, with more unlocks expected in April and beyond, market participants are expressing concerns about continued volatility.

Adding to the uncertainty, asset managers like Pantera Capital have previously explored acquiring $250 million worth of SOL from FTX at a significant discount, but no similar arrangements have been reported for the current unlocks.

Conclusion

The recent unstaking of 3 million Solana tokens by FTX and Alameda Research is a pivotal moment that could shape market sentiment and price dynamics in the coming weeks. As more tokens become unlocked and liquidations continue, the cryptocurrency community will be watching closely for any signs of volatility or shifts in market behavior.

With FTX still operating under court-imposed constraints and the broader implications of these actions yet to be fully realized, the future of Solana and the influence of these firms in the crypto market remain uncertain. Investors and analysts alike will continue to monitor developments closely, as the landscape of digital assets continues to evolve.