A wallet linked to Alameda Research transferred $7.5 million worth of Solana tokens to Coinbase. The move came a day after related wallets unstaked more than 204,000 $SOL. It has raised questions about whether the FTX estate is preparing to sell more tokens or simply moving assets between accounts. However, the Coinbase deposit alone does not confirm that a sale has taken place.
Alameda-Linked Wallet Moves $7.5M in SOL After Major Unstaking
According to the latest data shared by Onchain Lens, a wallet connected to Alameda Research transferred 93,150 $SOL, worth around $7.5 million, to the crypto exchange Coinbase. The transfer followed the platform’s unstaking of 204,044 $SOL, valued at around $16.9 million.
The previous transaction involved an account under BitGo custody. That account unstaked the tokens and sent them to a wallet identified as possibly linked to FTX and Alameda. The movement drew attention because the assets had remained staked before the transfer. So far, however, the transaction has not been confirmed as part of a potential sale.
Does the Coinbase Transfer Signal Another FTX Estate Sale?
Alameda and FTX wallets have previously been known to transfer $SOL after large-scale unstaking events. Some transactions were said to be related to over-the-counter trading and creditor distribution deals.
The FTX estate has been managing its remaining crypto assets during bankruptcy proceedings and creditor repayment processes. As a result, any large-scale transaction from these wallets may be significant to monitor, although it does not necessarily mean a sale is being prepared.
The latest transfer of 93,150 $SOL to Coinbase could fuel speculation about the FTX estate’s plans for its remaining crypto assets. However, there is no information confirming that the estate sold the tokens or that the transfer is connected to its liquidation plans.
The recent transaction could also be a routine transfer. Coinbase provides institutional custody solutions, so the deposit does not necessarily mean the tokens will be sold immediately. Further wallet transactions and trading execution would be needed for confirmation. Until then, the transfer is a movement of funds, not proof of liquidation.
Why the Move Matters
The latest movement has drawn attention, in particular because of the FTX estate’s large crypto holdings and ongoing asset management. Solana is among the notable assets involved in previous wallet movements. Such transactions have often raised questions about potential sales, especially when large amounts of $SOL are unstaked and transferred to exchanges.
At the same time, not every transfer indicates selling pressure. Some transactions could be related to creditor repayments, custody arrangements or asset distributions.
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What Does This Mean for Solana ($SOL)?
The latest Solana transactions come amid the recent crypto market crash, adding to concerns about selling pressure across the market. Large transfers from wallets linked to major crypto firms often draw attention, especially during periods of high volatility. As of press time, $SOL is valued at $79.72, down about 4% in a day. The token has also fallen 15% over a week and 25% over a month.
If the FTX estate sells a significant amount of $SOL, it could put further pressure on the token’s price. However, no sale has been confirmed in connection with the latest Coinbase deposit. Investors will likely watch for further wallet movements to gauge whether the transfer leads to actual selling activity.
Related: Bitcoin Price Falls Below $70K as $797M in Liquidations Hit Market
