Alameda Research unstakes $35M of SOL, up 100x since 2020, raising speculation on its distribution.

Alameda Research unstakes $35M of SOL, up 100x since 2020, raising speculation on its distribution.

In a significant move that has sparked speculation within the crypto community, Alameda Research has unstaked $35.52 million worth of Solana (SOL) tokens. This event, which occurred recently, has drawn attention due to the substantial amount of SOL tokens released back into circulation [1].

The unstaking event involved a wallet address linked to FTX and Alameda Research, which removed 190,821 SOL tokens from a staking pool. This move has raised questions about the potential implications for Solana's ecosystem and the broader crypto landscape [1].

The unstaking of these SOL tokens is part of FTX's ongoing bankruptcy proceedings. The estate is working to liquidate or manage its digital assets to repay creditors who lost funds during the exchange's collapse [1]. The ultimate destination for these assets remains uncertain but could be either BitGo Custody for secure management or direct allocation to FTX creditors as part of the repayment plan [1].

The market's reaction to this event has been closely watched. While the $35.52 million is a significant sum, Solana's daily trading volume can typically absorb such movements. However, the timing and frequency of these unstaking events are critical factors that could introduce temporary selling pressure on Solana's price [1].

For FTX creditors, this unstaking event is a positive sign of progress. It makes the assets liquid, bringing them closer to distribution and demonstrating the estate's commitment to recovering and repaying lost funds [1].

The crypto community will continue to monitor these on-chain activities closely, as they provide valuable insights into the health of the market and the resolution of major industry events. This transparency is crucial for building trust and stability in the evolving digital finance ecosystem [1].

References:
[1] https://bitcoinworld.co.in/ftx-alameda-sol-unstaking/