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FTX's Solana (SOL) Transaction Frightened: Millions of Dollars in Sales Could Come - Coin Bulletin
The crypto wallet named H4y…gFZ, allegedly associated with FTX or Alameda, recently withdrew 177,693 Solana (SOL) from the Solana network.
Bankrupt cryptocurrency exchange FTX was one of the biggest holders of Solana and had made a significant amount of SOL sales during the November 2022 crash.
Will FTX transfer all Solana coins to exchanges?
According to Solscan data, the FTX/Alameda linked wallet is reported to have withdrawn a total of $23.75 million worth of Solana today. This move has sparked discussions in the crypto community about whether these SOLs will be transferred to centralized exchanges (CEX) or not.
However, this move by the wallet is quite small compared to the total amount of SOL it holds. The H4y...gFZ wallet, which is said to belong to FTX, still has 7.057 million SOL tokens staked, worth $943 million. Previous reports also suggest that a large portion of SOL owned by FTX may have been sold through over-the-counter (OTC) transactions.
Despite these developments, Solana's (SOL) price remains stable and is trading at $135, with a 2.4% increase. The market value of SOL is $63.27 billion. Since the beginning of 2024, the SOL price has increased by 35% and has recorded an annual increase of over 650%.