Alameda Unstakes $23M SOL, Market Unfazed Amid Bearish Sentiment

Generated by AI AgentCoin World
Thursday, Mar 13, 2025 1:42 am ET1min read
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Alameda Research has recently unstaked $23 million worth of Solana (SOL), distributing the funds to 38 addresses associated with FTX. According to on-chain data from Arkham Intelligence, these addresses have historically transferred SOL to major exchanges and currently hold approximately $178.82 million in SOL. Despite this significant movement of funds, Solana’s price has remained largely unaffected.

Since the collapse of FTX, Alameda Research has been actively shuffling large amounts of crypto assets. Since November 2023, FTX/Alameda has moved a total of 7.845 million SOL, valued at over $1 billion, to exchanges. Following this latest unlock, their staking address still holds around 5.5 million SOL, valued at $693.8 million. The broader FTX reimbursement process has also led to the release of $1.57 billion worth of Solana tokens.

Previous asset movements by Alameda, such as staking $10 million in MATIC or transferring $14.75 million in Ethereum, have caused noticeable price swings. However, despite today’s significant SOL unlock, the market reaction has been surprisingly muted. This lack of impact could be attributed to the broader bearish sentiment in the crypto market, exacerbated by the SEC’s recent delay on multiple Solana ETF applications, which has added to the negative outlook and caused uncertainty. Additionally, the market is currently gripped by extreme fear, leading to heavy outflows from major cryptocurrencies.

Alameda Research has not disclosed its plans for the unstaked Solana tokens. One possibility is that these funds will be used for FTX creditor repayments, a process that began last month and is expected to take a long time. Given the scale of FTX’s outstanding obligations, even large token unlocks may not significantly shift Solana’s supply-demand balance. For now, Alameda’s latest move is just another chapter in the ongoing FTX saga, but with billions of dollars in SOL still in play, the market will be watching closely for its next steps.