SOL price increased by approximately 30% in the last 7 days, but it also surpassed BNB in market value. But FTX and Alameda still have SOL dollars left. Details are here…
The decline in the cryptocurrency market, which started with the collapse of FTX and Terraform Labs, was replaced by an increase with the rapid gain in value of Solana and Bitcoin.
According to Spot On Chain data, FTX and Alameda launched $13.22 million worth of SOL from October 24, 2023 to December 14, 2023. 2 million Solana worth $184 million are still available for sale in FTX and Alameda wallets.
FTX and Alameda are known to have held approximately $55.8 million in SOL during the bankruptcy. This is the largest amount of cryptocurrency held in a wallet after BTC and ETH.
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To date, approximately 27% of FTX’s total SOL assets (15.3 million SOL) have been unlocked. It is thought that 13.22 million SOL (approximately $666 million) of this amount was sold on the stock market.
FTX and Alameda deposited SOL 6.99 million ($280 million) into the exchange from two public SOL addresses between October 24 and November 14, 2023. Another FTX-related address, 4Axqyo, also sent SOL 6.23 million ($386 million) to 3vxheE (presumably Coinbase) last month.
FTX and Alameda keep 40.5 million SOL (73% of the total) under lock and key. This amount is approximately 4 billion dollars. Most of these detained leftists are planned to be released in 2025.
This means approximately 609,000 SOL ($60 million) are unlocked every month; this represents approximately 1% of FTX’s total SOL assets. All 7.5 million SOLs, representing 13.5% of FTX’s total SOL assets, are planned to be opened on March 1, 2025.
However, the sale of FTX and Alameda’s SOL is unlikely to have a significant impact on the market in the near term, even if done piecemeal.
SOL price has increased by nearly 30% in the last 7 days and has surpassed BNB post-XRP in market value. The value of SOL holdings in the wallet has quadrupled since the beginning of the year, increasing by 460%. This means FTX borrowers could potentially earn more than $3 billion with SOL.