Altcoins News
By MikeT
1 / 15
FTX has made headlines again after moving nearly $31 million worth of Solana (SOL) during a period of renewed optimism in the cryptocurrency market.
2 / 15
According to data from Lookonchain, FTX unstaked precisely 189,851 SOL tokens, with an estimated value of $31.32 million. The timing of this move is particularly notable.
3 / 15
Notably, this isn’t the first time FTX has unstaked large volumes of SOL. The exchange, which is currently undergoing bankruptcy proceedings, has been gradually releasing its…
4 / 15
While some view the transaction as a simple procedural step, others suggest that it might signal a possible liquidation, which could introduce temporary selling pressure.
5 / 15
Yet, the context surrounding the move paints a more nuanced picture. Solana has become one of the fastest-growing blockchain networks in 2025, with a rapidly expanding ecosystem…
6 / 15
Analysts tracking Solana’s on-chain metrics note that the network is currently processing more than $30 billion in daily transactions.
7 / 15
Moreover, the unstaked amount—while significant in dollar terms—may not be large enough to shake the market given Solana’s high trading volume and liquidity.
8 / 15
Another angle to consider is FTX’s broader asset repayment strategy. The company, currently under court supervision, has been working through a complex $5 billion repayment plan.
9 / 15
FTX’s prior moves related to Solana also provide some insight into possible outcomes. Earlier this year, the exchange prepared to distribute billions in customer assets, during…
10 / 15
The current $31 million unstaking is considerably smaller in scale. Still, market reactions often hinge on sentiment rather than size alone.
11 / 15
However, not everyone sees this as a negative development. A few analysts speculate that FTX might be preparing to reallocate or reinvest the unstaked funds into other strategic…
12 / 15
Adding to the complexity is the behavior of long-term holders and institutional players. If large entities choose to hold onto the unstaked SOL or re-stake it, the market impact…
13 / 15
Despite these concerns, Solana’s underlying fundamentals remain solid. The network’s total value locked (TVL) continues to climb, and its native ecosystem is expanding at a fast…
14 / 15
In terms of price action, Solana remains technically strong. The asset is trading above key moving averages and has recently formed bullish patterns on multiple timeframes.
15 / 15
For now, FTX’s unstaking event serves as a reminder that market sentiment can shift quickly, especially when large entities move significant funds.
The Currency Analytics
Want the full story?