FTX and Alameda’s estate has recently sold a significant portion of its Solana (SOL) holdings, amounting to $45 million worth of assets. This latest move, following a recurring monthly redemption cycle since late 2023, demonstrates the estate’s continued strategy of liquidating assets to repay creditors. While this action is part of the larger restructuring process for FTX, it also offers insights into the market’s response and potential future trends.
On-chain data from EmberCN reveals that the estate unstaked 192,000 SOL on Thursday, bringing the total redemptions since November 2023 to nearly $1.2 billion. This latest move is part of a systematic strategy aimed at maximizing recovery value for creditors, although it’s unclear if this approach will impact the broader market or the potential for future liquidations.
Despite these withdrawals, Solana’s price has climbed over 4% in the past 24 hours, demonstrating resilience against market volatility. This could be attributed to increasing investor optimism regarding decentralized finance (DeFi) and ongoing adoption within the Solana ecosystem.
FTX is expected to distribute a large portion of the remaining assets to creditors in September, after previously repaying around $6.2 billion. The estate’s approach is aimed at minimizing market volatility while ensuring full repayment.
The future of FTX remains uncertain, as creditors closely monitor the ongoing liquidation process and its impact on market stability.