FTX Unstakes 189,851 SOL Worth $30.94 Million Amid Solana Market Concerns

FTX has recently unstaked 189,851 SOL, valued at approximately $30.94 million, according to data from a blockchain analytics platform. This move has sparked concerns about potential selling pressure on the Solana network, as the unstaking of such a significant amount of SOL could lead to an increase in supply, which might affect the cryptocurrency's price.

The unstaking of SOL by FTX raises questions about the stability and future of the Solana network. Solana has gained popularity due to its high-speed transactions and low fees, making it an attractive option for decentralized applications and decentralized finance (DeFi) projects. However, the network has also faced criticism for its frequent outages and scalability issues. The unstaking of a large amount of SOL by a major player like FTX could exacerbate these concerns and potentially lead to a loss of confidence in the network.

FTX has been gradually unstaking Solana as part of its bankruptcy liquidation to repay its creditors. On March 4, 2025, it had unlocked 3.03 million SOL worth $431 million. Further, it continued unstaking, which kept adding selling pressure to the market. On May 12, it unstaked 187,625 SOL worth over $32 million. On June 13, it unstaked 188,000 SOL. Despite these actions, Solana remains unfazed and is currently trading at $164.71, up 4.5% in the last 24 hours. With rising institutional interest in Solana, many believe the market can easily absorb the extra supply. With growing activity, a booming ecosystem, and more money flowing in, analysts believe that $180 is just the start, and a return to all-time highs could be near.

Solana continues to lead the pack, pulling in $271 million in Q2 2025 revenue, which was more than Ethereum, Tron, and others, marking its third straight quarter at the top. This surge was driven by booming activity in DeFi, NFTs, and apps on the network. Besides, Solana also matched the monthly active users of all other L1 and L2 chains combined in June, which shows its growing dominance and developer momentum in the blockchain space.

Solana is also getting major backing from big players. BIT Mining is shifting its focus to Solana, aiming to build a $200–300 million SOL treasury and run validator nodes. Meanwhile, DeFi Development Corp boosted its SOL holdings to 846,630 SOL worth $133 million, now the largest among public companies. With growing use, big partnerships, and talk of a spot ETF, Solana’s future looks strong.

The impact of FTX's unstaking on the Solana network remains to be seen. While some analysts have expressed concerns about potential selling pressure, others have noted that the unstaking of SOL by FTX could also be seen as a sign of confidence in the network's long-term prospects. FTX's decision to unstake a significant amount of SOL could be part of a broader strategy to diversify its holdings and reduce its exposure to any single cryptocurrency. This move could also be seen as a way for FTX to free up capital for other investments or projects.

The unstaking of SOL by FTX highlights the importance of monitoring the actions of major players in the cryptocurrency market. The decisions made by large exchanges and investment firms can have a significant impact on the price and stability of cryptocurrencies, and it is important for investors to stay informed about these developments. As the cryptocurrency market continues to evolve, it will be important for investors to remain vigilant and adapt to changing market conditions.