Michaela
FTX/Alameda has unstaked 3.03 million Solana (SOL) raising concerns about potential market pressure due to large transfers often signaling upcoming price changes.
Blockchain analytics platform Lookonchain reported that approximately $41.3 million worth of SOL was transferred to multiple crypto wallets.
Of the 3.03 million unstaked SOL 24,799 SOL ($3.38M) has already been deposited to the crypto exchange Binance, liquidating the asset.
The trading impact of this development is significant. The recent surge in price and trading volume suggests increased market activity, possibly signaling buying pressure on SOL. The transfer of such a large amount of SOL may indicate that FTX/Alameda plans to sell or redistribute these tokens, which could influence market sentiment and liquidity.
Traders are advised to keep a close eye on these wallets for any additional movements or transactions, as further activity could influence the SOL market. Large transfers or liquidations can create volatility and potentially trigger price fluctuations.
Monitoring these wallets will help investors anticipate market shifts and respond quickly to any developments that may impact the asset’s value or liquidity.
FTX/Alameda Unstaking Follows Fund Redistribution
This move follows as the crypto exchange has redistributed funds to investors affected by the FTX crash. On February 18, FTX Digital Markets, the Bahamian branch of the collapsed crypto exchange, started the process of reimbursing creditors who were unable to access their funds following FTX’s dramatic collapse in November 2022.
“Convenience Class” creditors, or users with claims under $50,000, will receive full reimbursement along with an additional 9% annual interest. These creditors were among the first to receive their payments.
FTX’s crash was one of the most significant events in the cryptocurrency market, leading to the sudden collapse of the once-prominent crypto exchange. FTX, led by Sam Bankman-Fried, filed for bankruptcy after it was revealed that the exchange had misused customer funds and engaged in risky financial practices. The crash wiped out billions of dollars in market value and left thousands of investors facing significant losses.
Many retail and institutional investors who held assets on the exchange were left unable to access their funds, leading to a wave of legal actions and calls for greater regulatory oversight in the cryptocurrency industry.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
