The bankrupt crypto exchange FTX and its trading arm, Alameda Research, have unstaked 3 million SOL tokens worth $431 million, marking their largest Solana unlock since November 2023. This move raises questions about potential market impact as the firms continue offloading their holdings.

FTX’s Ongoing Solana Liquidation

Since November 2023, FTX has unstaked 7.83 million SOL, worth nearly $986 million, depositing large portions to exchanges like Binance and Coinbase.

• On March 4, 25,000 SOL ($3.3M) were transferred to Binance.
• FTX’s liquidation plan, approved by the Delaware Bankruptcy Court, limits weekly sales to $100M, with a potential increase to $200M upon court approval.

This controlled selling process reduces the risk of a sudden market crash, but continuous sell pressure could still weigh on Solana’s price in the coming weeks.

FTX’s Repayment Plan and Unresolved Claims

The unstaking coincides with FTX’s customer repayments, where $1.2 billion in assets are being distributed to former users. However, some jurisdictions remain ineligible, sparking concerns about unresolved claims.

Investment Takeaway: Buy or Sell?

• Bullish case: If the market absorbs the selling pressure, SOL’s resilience could indicate strong investor demand.
• Bearish case: If FTX offloads large amounts of SOL too quickly, further downside pressure may emerge.

Traders should monitor exchange inflows and Solana’s price reaction to gauge market sentiment.

This article does not constitute financial advice—always do your own research before making investment decisions.