Alameda Research Has Unstaked $23M Worth of Solana (SOL), Distributing It to 38 Addresses Linked to FTX

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.

Alameda Research has unstaked and distributed $23 million worth of Solana (SOL) to 38 addresses linked to FTX, on-chain data from Arkham Intelligence shows.

These addresses, which have historically transferred SOL to major exchanges like Coinbase and Binance, now hold around $178.82 million in SOL.

However, even this large-scale movement of funds has had minimal impact on Solana’s price.

After FTX Collapse, Alameda Continuously Sells Tokens

Since the collapse of FTX, Alameda has been seen shuffling large amounts of crypto assets. Since November 2023, FTX/Alameda has sold 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.

Previously, when Alameda shifted $10 million in MATIC or $14.75 million in Ethereum, it caused noticeable price swings. But despite today’s significant SOL unlock, the market reaction has been surprisingly muted.

Solana’s Price Remains Flat

Unlike previous movements, Solana’s price barely moved after 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.

Moreover, Extreme Fear is gripping the market, leading to heavy outflows from major cryptocurrencies.

Earlier this month, the U.S. Securities and Exchange Commission (SEC) delayed approval for several Solana (SOL) exchange-traded fund (ETF) applications. This decision came despite the fact that several Bitcoin (BTC) ETFs were approved in the past year.

The SEC has been closely examining cryptocurrencies and their derivatives, aiming to create a clear regulatory framework. However, the commission has faced difficulties in reaching a consensus on crypto ETFs.

Alameda’s Unlocked SOL and FTX Creditor Payments

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 payments, 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.