{"id":555421,"date":"2023-10-14T17:00:39","date_gmt":"2023-10-14T17:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=555421"},"modified":"2023-10-14T15:18:17","modified_gmt":"2023-10-14T15:18:17","slug":"ftx-estate-stakes-122-million-solana-sol-quells-fear-of-token-sell-off","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/ftx-estate-stakes-122-million-solana-sol-quells-fear-of-token-sell-off\/","title":{"rendered":"FTX Estate Stakes $122 Million Solana (SOL), Quells Fear Of Token Sell-Off"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The FTX estate has reportedly staked 5.5 million Solana (SOL), worth $122 million. This development comes amidst fears of the defunct crypto exchange liquidating a substantial portion of its SOL holdings and inducing a bearish trend.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">FTX Renews Bullish Interest In Solana With Latest Move<\/span><\/h2>\n<p><span style=\"font-weight: 400\">On October 14, blockchain tracking platform Whale Alert <a href=\"https:\/\/x.com\/whale_alert\/status\/05133136?s=20\" target=\"_blank\" rel=\"noopener nofollow\">reported<\/a> that 5.5 million SOL had been transferred between two unknown wallets. Thereafter, a crypto analyst with the X username ashpool soon identified the FTX exchange to be behind this whale transaction.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Using data from gelato.sh, ashpool <a href=\"https:\/\/x.com\/solanobahn\/status\/84041248?s=20\" target=\"_blank\" rel=\"noopener nofollow\">revealed<\/a> that the FTX exchange had delegated the said 5.5 million SOL to the Figment staking service, an active validator on the Solana network.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">FTX estate is staking 5.5M SOL<a href=\"https:\/\/t.co\/ajRgBHFNt9\" rel=\"nofollow\">https:\/\/t.co\/ajRgBHFNt9<\/a> <a href=\"https:\/\/t.co\/UGorSGMtwC\" rel=\"nofollow\">https:\/\/t.co\/UGorSGMtwC<\/a><\/p>\n<p>&mdash; ashpool (@solanobahn) <a href=\"https:\/\/twitter.com\/solanobahn\/status\/84041248?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">In September, the management of the bankrupt crypto exchange obtained <a href=\"https:\/\/wncen.com\/news\/solana\/solana-gains-5-despite-cpi-latest-data-and-ftx-liquidation-approval-here-could-be-why\/\" target=\"_blank\" rel=\"noopener \">court approval<\/a> to liquidate its crypto holdings, valued at $3.4 billion, as they look to pay off their creditors.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Solana accounts for the largest part of FTX\u2019s crypto assets, with the exchange reportedly owning 55.8 million SOL, worth $1.16 billion.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the majority of this SOL are currently staked, with FTX reportedly having access to 7 million SOL as of September, most of which had been sold off.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/sol-price-prediction-trend-push-solana-20\/\" target=\"_blank\" rel=\"noopener \">Cardano, Solana, And Ethereum Under Heat, Data Points To More Trouble For Altcoins<\/a><\/div>\n<p><span style=\"font-weight: 400\">On October 6, 9.1 million SOL, worth about $212 million, owned by Alameda Research &#8211; FTX\u2019s defunct trading wing &#8211; were <a href=\"https:\/\/x.com\/ICODrops\/status\/80764992?s=20\" target=\"_blank\" rel=\"noopener nofollow\">reportedly<\/a> unstaked, prompting new fears of market sell-off by the FTX estate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, FTX\u2019s latest move to stake 5.5 million SOL shows the exchange is holding on to its SOL investments for now, which could be interpreted as a reassuring move for traders with fears of liquidation.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite its bankrupt status, FTX is still considered a major player in the Solana ecosystem, owning 10% of SOL\u2019s total supply. In addition to its SOL holdings, FTX also owns 20,500 BTC worth $560 million and 112,600 ETH, worth $192 million, among other crypto assets.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/ftx\/ftx-sam-bankman-fried\/\" target=\"_blank\" rel=\"noopener \">No Love For FTX: Ex-Girlfriend Delivers Scathing Testimony Against Sam Bankman-Fried<\/a><\/div>\n<h2><span style=\"font-weight: 400\">SOL Up By 16% In One Month<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In other news, SOL is up by 16.06% in the last months despite fears of liquidation and worrying factors linked to the FTX exchange.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Most recently, there were circulating rumors that the defunct exchange could \u201cswitch off\u201d the Solana blockchain if it found the need to liquidate the long position of traders.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, these rumors were soon debunked by multiple accounts as fake. In fact, Jacob Creech, Head of Developers at Solana, <a href=\"https:\/\/x.com\/jacobvcreech\/status\/40703896?s=20\" target=\"_blank\" rel=\"noopener nofollow\">drew the community\u2019s attention<\/a> to the fact there is a $400,000 SOL bounty for anyone who can find a \u201cswitch off\u201d for the network.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, SOL<a href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener nofollow\"> is trading<\/a> at $21.98, with a 2.34% gain in the last day. Meanwhile, the token\u2019s daily trading volume is up by 10.18% and is valued at $267.07 million.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/Vn5fVdAt\/\" alt=\"Solana\" width=\"1479\" height=\"906\"><\/p>\n<pre style=\"text-align: center\">SOL trading at $21.93 on the hourly chart | Source: <a href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener nofollow\">SOLUSDT chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Cryptodose, chart from Tradingview<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The FTX estate has reportedly staked 5.5 million Solana (SOL), worth $122 million. This development comes amidst fears of the defunct crypto exchange liquidating a substantial portion of its SOL holdings and inducing a bearish trend. FTX Renews Bullish Interest In Solana With Latest Move On October 14, blockchain tracking platform Whale Alert reported that 5.5 million SOL had been transferred between two unknown wallets. Thereafter, a crypto analyst with the X username ashpool soon identified the FTX exchange to be behind this whale transaction. Using data from gelato.sh, ashpool revealed that the FTX exchange had delegated the said 5.5 million SOL to the Figment staking service, an active validator on the Solana network.\u00a0 In September, the management of the bankrupt crypto exchange obtained court approval to liquidate its crypto holdings, valued at $3.4 billion, as they look to pay off their creditors. Solana accounts for the largest part of FTX\u2019s crypto assets, with the exchange reportedly owning 55.8 million SOL, worth $1.16 billion.\u00a0 However, the majority of this SOL are currently staked, with FTX reportedly having access to 7 million SOL as of September, most of which had been sold off.\u00a0 Related Reading: Cardano, Solana, And Ethereum Under Heat, Data Points To More Trouble For Altcoins On October 6, 9.1 million SOL, worth about $212 million, owned by Alameda Research &#8211; FTX\u2019s defunct trading wing &#8211; were reportedly unstaked, prompting new fears of market sell-off by the FTX estate.\u00a0 However, FTX\u2019s latest move to stake 5.5 million SOL shows the exchange is holding on to its SOL investments for now, which could be interpreted as a reassuring move for traders with fears of liquidation. Despite its bankrupt status, FTX is still considered a major player in the Solana ecosystem, owning 10% of SOL\u2019s total supply. In addition to its SOL holdings, FTX also owns 20,500 BTC worth $560 million and 112,600 ETH, worth $192 million, among other crypto assets.\u00a0 Related Reading: No Love For FTX: Ex-Girlfriend Delivers Scathing Testimony Against Sam Bankman-Fried SOL Up By 16% In One Month In other news, SOL is up by 16.06% in the last months despite fears of liquidation and worrying factors linked to the FTX exchange.\u00a0 Most recently, there were circulating rumors that the defunct exchange could \u201cswitch off\u201d the Solana blockchain if it found the need to liquidate the long position of traders. However, these rumors were soon debunked by multiple accounts as fake. In fact, Jacob Creech, Head of Developers at Solana, drew the community\u2019s attention to the fact there is a $400,000 SOL bounty for anyone who can find a \u201cswitch off\u201d for the network.\u00a0\u00a0 At the time of writing, SOL is trading at $21.98, with a 2.34% gain in the last day. Meanwhile, the token\u2019s daily trading volume is up by 10.18% and is valued at $267.07 million. SOL trading at $21.93 on the hourly chart | Source: SOLUSDT chart on Tradingview.com Featured image from Cryptodose, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":555422,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[89648,89649,12837,83626,86410,83627],"class_list":["post-555421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-ftx-estate","tag-market-sell-off","tag-sol","tag-solana","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\n<title>FTX Estate Stakes $122 Million Solana (SOL), Quells Fear Of Token Sell-Off<\/title>\n<meta name=\"description\" content=\"FTX has reportedly staked 5.5 million Solana (SOL), worth $122 million, a move which quells of a potential sell-off by the exchange.\" \/>\n<meta name=\"robots\" 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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