Friday, February 14, 2025

FTX Dumps $32M in Solana: January Sell-Off Continues

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In a carefully orchestrated move, FTX/Alameda has executed its latest monthly Solana withdrawal, maintaining its structured approach to managing substantial digital assets.

Latest Redemption Details

FTX/Alameda has completed its January 2025 Solana liquidation, following a meticulous redemption strategy that saw 182,421 SOL tokens worth $32.35 million withdrawn from staking. The bankruptcy estate distributed these tokens across 20 different addresses, maintaining their systematic approach to asset management.

Source: X | 
@EmberCN

Recent Redemption History

The January withdrawal represents the latest in a series of carefully planned monthly redemptions that began in November 2024. In December, the firm redeemed 181,232 SOL ($41.46 million), following November’s withdrawal of 179,800 SOL ($39.21 million). October 2024 marked their largest dollar-value redemption, with 178,631 SOL worth approximately $128 million, benefiting from higher SOL prices during that period.

Cumulative Impact and Strategy

This methodical approach has resulted in cumulative withdrawals reaching 4.445 million SOL, representing over $516.88 million in total value. The consistency in timing – typically between the 12th and 15th of each month – and the uniform distribution across exactly 20 addresses demonstrates FTX’s commitment to market stability.

Distribution Patterns

On-chain analysis reveals that many of these redeemed tokens eventually reach major cryptocurrency exchanges like Binance and Coinbase through a series of intermediate transactions. This distribution method helps prevent concentrated selling pressure while maintaining liquidity across trading venues.

Remaining Holdings and Future Outlook

FTX/Alameda still holds 6.47 million SOL ($1.18 billion) in staking, suggesting this redemption process could continue for nearly three years at the current rate of approximately 180,000 SOL per month. Market observers note that this predictable approach has helped maintain Solana’s price stability despite the regular liquidations.

Market Impact

The average redemption price across these transactions stands at $116.2 per SOL, reflecting the asset’s price volatility during this period. As the bankruptcy estate continues its structured liquidation strategy, crypto analysts anticipate this disciplined approach will persist, balancing financial obligations with market stability concerns.

Ankur
Ankurhttps://gravatar.com/w3ankur
I’m a crypto enthusiast and marketer passionate about exploring and simplifying the world of blockchain, digital currencies, DeFi, and Web3 innovation. With years of experience in the crypto space, I specialize in crafting engaging content, insightful analysis, and relatable guides that turn complex ideas into something everyone can understand. Whether it’s uncovering trends in NFTs, navigating market dynamics, or exploring the decentralized future, I’m dedicated to making crypto accessible, exciting, and easy to grasp for all.

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