Following a pause in the approximately 150% increase of Solana (SOL) during the monthly time frame associated with wallet addresses linked to the bankrupt cryptocurrency exchange FTX, efforts have been made once again to sell Solana. Recently, tens of thousands of SOL were transferred to Binance and trading firm Wintermute.
250 Thousand SOL Tokens Moved to Binance and Wintermute
PeckShield, an on-chain analysis tool, has discovered that over $13.5 million worth of 250,000 SOL tokens and 4 million USDT were transferred from wallet addresses associated with FTX to the cryptocurrency exchange Binance and the trading firm Wintermute. These wallet addresses are controlled by the indebted group responsible for conducting FTX bankruptcy proceedings, including billions of dollars worth of cryptocurrencies. The transfer of cryptocurrencies to exchanges or trading platforms implies that they can be sold on the open market.
Today’s detected cryptocurrency transfers occurred one week after FTX moved $30 million worth of SOL to another cryptocurrency exchange, Binance, and Kraken. During this transaction, prices dropped by 5% but later recovered and rose.
The reaction to the latest transfer of SOL was negative. According to data from crypto data and price platform CoinMarketCap, the altcoin has decreased by 6.62% in the last 24 hours and is trading at $55.30.
Fate of Staked SOL Tokens Raises Curiosity
SOL has shown an increase of approximately 150% last month and over 500% since the beginning of the year, thanks to long-term optimism towards blockchain technology and the increasing popularity in the cryptocurrency world. Although some attribute part of this increase to FTX staking over $120 million worth of SOL, effectively reducing the selling pressure by keeping SOL out of circulation, mixed signals are coming from the cryptocurrency exchange.
FTX has not provided clear information about its plans for the large amount of staked SOL acquired from 2020 to 2022, estimated to be over $1 billion. The cryptocurrency exchange has made over $100 million in sales of SOL in a series of transactions with exchanges to take profit from the impressive rally in the cryptocurrency market. The majority of this figure, valued at $67 million, was achieved by unstaking the staked SOL tokens.
