The bankruptcy estate managing assets for FTX and its affiliated trading firm Alameda Research has unstaked a significant portion of Solana (SOL) tokens, valued at approximately $31.5 million, as part of ongoing efforts to liquidate holdings and repay creditors.
On-chain data reveals the estate unstaked 188,000 SOL tokens. These tokens were subsequently distributed across 30 distinct wallet addresses, a move widely interpreted as preparation for potential future sales or transfers to facilitate creditor repayments.
This action represents a continuation of a liquidation strategy initiated months ago. Since late last year, the estate has unstaked over 8.4 million SOL, worth more than $1 billion at current valuations, converting previously staked assets into liquid form.
Despite this recent unstaking, the estate retains a substantial position in Solana. Data indicates over 5 million SOL, valued at roughly $726 million, remains staked. This significant holding suggests further unstaking and liquidation activities are likely in the future.
Market observers note that large-scale movements of SOL by the FTX Alameda estate have the potential to influence market dynamics. The introduction of significant supply into the market could contribute to price volatility. Consequently, investors are closely monitoring on-chain data for signals of the estate’s next steps.