FTX Unstakes $431M SOL, Renews Market Concerns

Coin WorldTuesday, Mar 4, 2025 11:22 am ET

1min read

FTX and Alameda Research have unstaked approximately 3.03 million Solana (SOL) tokens, valued at around $431.4 million, maintaining their regular monthly schedule of token unlocks. This marks their largest SOL unlock since November 2023.

The move has renewed concerns over potential market impact as the firms continue their asset liquidations. According to the Lookonchain report on March 4, the SOL tokens were distributed across 37 wallets, sparking speculation about potential sales. Since the unstake, around 25,000 SOL (worth $3.3 million) has already been deposited on Binance, suggesting a portion of the assets may be sold on the open market.

Spot On Chain highlighted that this latest unstake is part of a broader pattern observed since FTX’s collapse, with the firm unstaking and transferring large amounts of SOL at regular intervals. This is typically between the 12th and 15th of each month, with amounts reaching 170,000 SOL.

According to blockchain analysts, the latest unstake is part of a larger portion of 11.2 million SOL (worth nearly $2.06 billion) set to be unlocked in early March. To date, FTX and Alameda have unstaked and liquidated approximately 7.83 million SOL since November 2023. Data indicates that around $986 million worth of SOL has been deposited to coinbase and Binance at an average price of $125.8.

Despite the large unstake, FTX cannot conduct unrestricted asset sales due to court-imposed limitations. In September 2023, the Delaware Bankruptcy Court approved a liquidation plan that restricts FTX’s digital asset sales, allowing a maximum of $50 million in the first week and increasing to $100 million in the following weeks. If the exchange wishes to sell beyond this limit, it must seek court approval to raise the cap to $200 million per week.

FTX’s unstaking activity coincides with its creditor repayment process, which began on February 18. The firm has initiated the distribution of $1.2 billion to smaller claim holders, with the first phase targeting claims under $50,000. Larger creditors may receive up

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