FTX-Linked Wallet Moves $23.75 Million in Solana Tokens – What Could It Mean?

An FTX-linked wallet has recently redeemed 177,693 SOL tokens from the Solana network, drawing significant attention.

This wallet, associated with FTX, had previously contributed to a price drop in SOL following FTX’s bankruptcy in November 2022.

According to data from Solscan, this wallet has moved $23.75 million worth of Solana coins today, sparking speculation about potential transfers to centralized exchanges (CEXs). Despite this, the amount moved is relatively small compared to the total SOL holdings of the wallet, which still includes 7.057 million SOL, valued at around $943 million.

The price of Solana (SOL) remains stable, trading at $135 with a market cap of $63.57 billion. Since the start of 2024, SOL has risen by 35% and has increased over 650% year-over-year.

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The timing of this move is notable as former Alameda CEO Caroline Ellison is set to attend a hearing on September 24, with potential leniency in her sentencing due to her cooperation and testimony.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.