The relationship between Solana (SOL), a top-tier layer-one (L1) blockchain, and FTX and its sister firm, Alameda Research, continues to this day, nearly two years after its collapse. As the defunct cryptocurrency exchange prepares to repay the distressed investors beginning the upcoming fourth quarter, the company is expected to expedite its Solana sales to cover the needed funds.
Moreover, the court ordered FTX to repay the credit up to $16 billion, which the company intends to facilitate in stablecoins.
As Coinpedia previously reported, FTX has already begun receiving stablecoins, despite the possible legal hurdles from the US SEC on the matter.
FTX and Solana Sales
FTX and Alameda are expected to offload their Solana assets through an over-the-counter (OTC) desk to avoid hurting the market. Earlier this year, Pantera Capital highlighted that it intends to raise funds from investors to buy Solana from FTX at a discounted rate.
Pantera Capital targeted $250 million worth of Solana at a 39 percent discount from the market value.
FTX/Alameda associated wallet H4y…gFZ redeemed 177,693 SOL (US$23.75 million) from Solana PoS staking today, and may transfer SOL to CEX in the future. H4y…gFZ address currently still has up to 7.057 million SOL (US$943 million) in staking. Most of the SOL held by FTX may…
— Wu Blockchain (@WuBlockchain) September 12, 2024
Earlier today, on-chain data showed that FTX and Alameda Research-associated addresses unstaked 177,693 SOL units, worth nearly $24 million. As a result, the FTX and Alameda Research-associated address holds a total of over 7 million SOL, worth more than $953 million.
Impact on SOL Price Action
Amid the ongoing gradual crypto recovery led by Bitcoin (BTC), following the rising odds of the Fed’s interest rate cuts next week, Solana’s price has established a solid support level above $122. The large-cap altcoin, with a fully diluted valuation of about $78 billion and a daily average traded volume of around $2.7 billion, rallied nearly 3 percent in the last 24 hours to trade about $135 on Thursday during the early European session.
The FTX’s Solana unstake is less likely to impact the underlying SOL price action, as the demand for the altcoin among retail and institutional investors remains strong.
The recent approval of spot Solana ETFs in Brazil marked a major shift in SOL’s institutional adoption.
