Overview

Click to expand overview
According to crypto analysis firm PeckShield, an FTX-labeled address has transferred 750,000 Solana (SOL) tokens to two addresses. A wallet associated with the cryptocurrency exchange FTX moved $10 million worth of Solana (SOL) tokens on a Wednesday. This is part of their strategy to liquidate FTX Dumps Solana (SOL) to Binance. PackShieldAlert on October 28 reported that an FTX-labeled wallet address transferred 309.2k SOL tokens worth more than Earlier this week, a wallet linked to the collapsed crypto exchange FTX and its trading arm, Alameda Research, unstaked $431.3 million worth of Solana (SOL). A portion According to recent transactions flagged by on-chain analytics firm Lookonchain on Mar. 4, an FTX-linked address unstaked 3.03 million SOL ($431.3 million)

Solana FTX Transfers $31 Million SOL to Binance: Price Dips Explained

The recent news of Solana (SOL) transfers from FTX-related wallets to Binance has sent ripples through the crypto market, causing noticeable price dips. Here\'s a breakdown of what\'s happening and why:

FTX Liquidates Solana: Key Transfers and Amounts

According to crypto analysis firm PeckShield, an FTX-labeled address has transferred 750,000 Solana (SOL) tokens to two addresses. These movements are part of FTX\'s ongoing efforts to liquidate its holdings. Earlier this week, a wallet linked to the collapsed crypto exchange FTX and its trading arm, Alameda Research, unstaked $431.3 million worth of Solana (SOL).

Several significant transfers have been observed recently:

  • $10 Million SOL Transfer: A wallet associated with the cryptocurrency exchange FTX moved $10 million worth of Solana (SOL) tokens on a Wednesday. This is part of their strategy to liquidate.
  • October 28 Transfer: PackShieldAlert on October 28 reported that an FTX-labeled wallet address transferred 309.2k SOL tokens worth more than a significant amount.
  • Massive Unstaking: According to recent transactions flagged by on-chain analytics firm Lookonchain on Mar. 4, an FTX-linked address unstaked 3.03 million SOL ($431.3 million). A portion of this is likely contributing to the current transfers.
  • Estimated $31 Million Transfer: Combining reported figures suggests FTX transfers totaling approximately $31 million SOL have recently moved to Binance, impacting Solana\'s price.

FTX Dumps Solana (SOL) to Binance: What Does It Mean for the Price?

The continued selling pressure from FTX\'s SOL liquidations is a major factor contributing to the recent price dips. When large amounts of SOL are transferred to exchanges like Binance, it increases the supply available for sale, potentially driving the price down. Market sentiment also plays a role, with traders reacting to the news of FTX\'s liquidations by selling their SOL holdings.

Following the Solana Price

The movement of Solana tokens from FTX and Alameda Research wallets continues to be a point of observation by analysts and investors alike. As FTX attempts to recoup investor funds, the market is responding with volatility and price corrections.

Top Sources

Related Articles