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  • Writer's pictureConnie Chan

FTX Estate Stakes $122M in Solana (SOL), Eases Token Sell-Off Concerns


FTX Estate Stakes $122M in Solana (SOL), Eases Token Sell-Off Concerns
FTX Estate Stakes $122M in Solana (SOL), Eases Token Sell-Off Concerns

According to reports, FTX estate has staked 5.5 million Solana (SOL) tokens, which are valued at $122 million. This move comes as concerns have arisen regarding the possibility of the now-defunct crypto exchange liquidating a significant portion of its SOL holdings, which could potentially lead to a bearish trend. FTX Estate Stakes $122M in Solana (SOL), Eases Token Sell-Off Concerns.


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FTX Renews Bullish Interest In Solana With Latest Move

On October 15th, Whale Alert, a blockchain tracking platform, reported a transfer of 5.5 million SOL between two unknown wallets. Crypto analyst ashpool identified FTX exchange as the source of this transaction. According to data from gelato.sh, FTX had delegated the 5.5 million SOL to the Figment staking service, an active validator on the Solana network.


FTX exchange reportedly owns 55.8 million SOL, worth $1.16 billion, with the majority of it currently staked. FTX had access to 7 million SOL as of September, most of which had been sold off. However, FTX's latest move to stake 5.5 million SOL shows the exchange is holding onto its SOL investments for now, which could be interpreted as a reassuring move for traders with fears of liquidation.


Despite its bankrupt status, FTX is still considered a major player in the Solana ecosystem, owning 10% of SOL's total supply. In addition to its SOL holdings, FTX also owns other crypto assets such as 20,500 BTC worth $560 million and 112,600 ETH worth $192 million.


In September, the management of the bankrupt crypto exchange obtained court approval to liquidate its crypto holdings, valued at $3.4 billion, as they look to pay off their creditors. On October 6th, 9.1 million SOL, worth about $212 million, owned by Alameda Research – FTX's defunct trading wing – were reportedly unstaked, prompting new fears of market sell-off by the FTX estate.


SOL Up By 16% In One Month

Solana (SOL) has seen a significant increase of 16.06% in the last month, despite concerns about liquidation and issues related to the FTX exchange. However, rumors that the defunct exchange could shut down the Solana blockchain have been debunked by multiple sources. In fact, the Head of Developers at Solana has offered a $400,000 SOL bounty to anyone who can find a “switch off” for the network. As of now, SOL is trading at $21.98, with a 2.34% gain in the last day. The token’s daily trading volume has also increased by 10.18% and is valued at $267.07 million.



Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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