An on-chain address linked to the bankrupt FTX exchange and its trading arm Alameda Research has unstaked 199,000 Solana ($SOL), valued at approximately $19.4 million, according to blockchain tracking firm Onchain Lens. The transaction, detected on March 11, 2025, follows a pattern observed in previous movements from wallets associated with the collapsed crypto empire.
On-Chain Activity and Historical Patterns
The unstaking event is part of a broader series of asset movements from wallets controlled by FTX and Alameda as their bankruptcy estate works to liquidate holdings and repay creditors. Based on past activity, the 199,000 $SOL is expected to be split across multiple intermediary addresses before being deposited to major exchanges, primarily Coinbase and Binance. Similar patterns were observed in late 2024 when the estate moved millions in $SOL and other tokens ahead of creditor distribution milestones.
Blockchain analysts note that the use of multiple intermediate wallets is a standard security practice for large liquidations, designed to avoid market disruption and prevent front-running by automated trading bots. The total $SOL holdings under FTX estate management remain substantial, with recent court filings indicating the estate controls over 41 million $SOL tokens, representing a significant portion of the network’s circulating supply.
Context: FTX Bankruptcy and Asset Recovery
FTX filed for Chapter 11 bankruptcy protection in November 2022 following a liquidity crisis that revealed widespread mismanagement of customer funds. Since then, the bankruptcy estate, led by CEO John J. Ray III, has been systematically recovering and liquidating digital assets to maximize returns for creditors. Solana was one of the largest holdings in FTX’s portfolio, alongside Bitcoin, Ethereum, and various altcoins.
The estate’s asset management strategy has included staking $SOL to generate yield during the recovery process, a move that has drawn both praise for maximizing value and criticism for potential market impact. Unstaking events like this one are closely watched by traders and analysts as they can signal impending sell pressure on the $SOL market.
Market Implications for Solana
While a $19.4 million sell order is relatively modest compared to Solana’s daily trading volume—which averaged over $2 billion in February 2025—the cumulative effect of repeated liquidations from the FTX estate has contributed to periodic price volatility. $SOL has traded in a range between $95 and $120 over the past month, with the broader crypto market reacting to macroeconomic factors and regulatory developments.
Analysts caution that the FTX estate’s liquidation schedule remains opaque, making it difficult for traders to price in future supply. However, the estate has publicly committed to conducting sales in an orderly manner to minimize disruption, and court-appointed supervisors monitor all transactions.
Conclusion
The latest $SOL unstaking from an FTX/Alameda-linked address is a routine step in the ongoing bankruptcy process, not an unexpected event. For readers, the key takeaway is that the estate continues to methodically liquidate assets as part of its court-approved plan to repay creditors. While short-term market effects are possible, the long-term impact on Solana’s price will depend more on network fundamentals, adoption trends, and broader market conditions than on these scheduled movements.
FAQs
Q1: Why does the FTX estate unstake $SOL instead of selling it directly?
The estate stakes $SOL to earn yield while the bankruptcy process unfolds, maximizing the value of assets for creditors. Unstaking is required before the tokens can be transferred or sold on exchanges.
Q2: Will this $SOL sale crash the price of Solana?
Unlikely. The $19.4 million amount is small relative to Solana’s daily trading volume. The estate has also committed to orderly sales to avoid market disruption.
Q3: How much $SOL does the FTX estate still hold?
According to recent court filings, the estate controls over 41 million $SOL tokens, though the exact amount may change as the liquidation process continues.
