FTX Unstakes $15 Million in SOL Amid Ongoing Liquidation Proceedings

The FTX bankruptcy estate has unstaked over 200,000 SOL worth more than $15 million in a move that could put pressure on the Solana price. According to Onchain Lens monitoring on August 12, wallet addresses associated with the FTX / Alameda Research bankruptcy estate transferred funds in batches to multiple BitGo custody accounts after completing the unstaking of approximately 201,700 SOL. This transfer was part of an effort to raise cash and repay creditors through liquidation proceedings.

As previously reported, FTX / Alameda held a massive amount of SOL assets, totaling around 55.8 million tokens, which accounted for nearly 10% of SOL's total supply. Over the past two years, they have disposed of about 50 million tokens through discounted OTC auctions to institutions such as Galaxy Digital and Pantera.

According to Bitget Wallet Research, although these transactions may avoid direct dumping on spot order books, they still create psychological pressure on the market, putting downward pressure on short-term prices. The remaining SOL assets pose a significant threat to the price of Solana.