A wallet linked to FTX unstaked 177,693 SOL tokens, worth $23.75 million, causing speculation of a potential sell-off. The move follows previous token auctions by FTX, raising concerns over the impact on Solana’s price.

Potential Solana Sell-Off Concerns The unstaking raised alarms, as unstaked tokens are often sold. While the tokens haven't been moved yet, market watchers fear FTX may sell more Solana, as it did earlier with sales to institutional investors. The 177,693 SOL represents a small fraction of FTX’s wallet, which still holds 7.1 million SOL valued at $953 million, sparking worries about further market disruptions.

Alameda’s Crypto Transfers In a related move, FTX’s sister company, Alameda Research, transferred $200,000 in Worldcoin (WLD) to Binance and $55,300 in AAVE to Coinbase, part of its ongoing asset liquidation during bankruptcy proceedings.

Personal Take: This situation underscores the fragility of markets when large entities like FTX make significant moves. Even with Solana's price resilience, major sell-offs could destabilize the market, and it's crucial for traders to stay alert to such developments.

Source: https://cryptoslate.com/ftx-wallet-linked-to-unstaked-23-75m-in-solana-raising-sell-off-concerns/ Show Less