Alameda Research Unstakes $23M in Solana – Is a Major SOL Sell-Off Coming?
The post Alameda Research Unstakes $23M in Solana – Is a Major SOL Sell-Off Coming? appeared first on Coinpedia Fintech News
Alameda Research has unstaked $23 million worth of Solana (SOL), distributing it to 38 addresses linked to FTX. On-chain data from Arkham Intelligence confirms that these addresses, which have historically transferred SOL to major exchanges like Coinbase and Binance, now hold approximately $178.82 million in SOL. However, despite the substantial movement of funds, Solana’s price remains largely unaffected.
FTX and Alameda’s Staking History
Since the FTX collapse, Alameda has consistently shuffled large amounts of crypto assets. Since November 2023, FTX/Alameda has moved a staggering 7.845 million SOL—worth over $1 billion—to exchanges. Even after this latest unlock, their staking address still holds around 5.5 million SOL, valued at $693.8 million. The broader FTX reimbursement process has also led to the release of $1.57 billion worth of Solana tokens.
Interestingly, previous Alameda asset movements—such as staking $10 million in MATIC or transferring $14.75 million in Ethereum—caused noticeable price swings. Yet, despite today’s significant SOL unlock, the market reaction has been surprisingly muted.
Why Didn’t Solana’s Price Move?
Unlike previous movements, Solana’s price barely moved following Alameda’s $23 million unlock. Instead, SOL’s minor fluctuations happened before the transaction, driven by other market factors. In contrast, Ethereum jumped 10% when Alameda transferred a significantly smaller $14.75 million worth of ETH earlier this year.
A possible reason for the lack of impact is the broader bearish sentiment in the crypto market. The SEC’s recent delay on multiple Solana ETF applications has added to the negative outlook, causing uncertainty. Meanwhile, Extreme Fear is gripping the market, leading to heavy outflows from major cryptocurrencies.
What’s Next for Alameda’s Unlocked SOL?
So far, Alameda has not disclosed how it plans to use the unstaked Solana tokens. One possibility is that these funds will be used for FTX creditor repayments, a process that began last month and is expected to take a long time. Given the scale of FTX’s outstanding obligations, however, even large token unlocks may not significantly shift Solana’s supply-demand balance.
For now, Alameda’s latest move is just another chapter in the ongoing FTX saga. But with billions of dollars in SOL still in play, the market will be watching closely for its next steps.
