FTX’s Solana sell-off triggers 7% price drop in crypto asset FTX’s Solana sell-off triggers 7% price drop in crypto asset
FTX transferred 250,000 SOL tokens, worth approximately $14 million, to Kraken on Nov. 13.
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Updated: Nov. 14, 2023 at 11:48 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana’s price fell by around 7% during the last 24 hours after bankrupt FTX transferred 250,000 SOL tokens, worth approximately $14 million, to the Kraken crypto exchange on Nov. 13, according to on-chain data.
Blockchain analytical firm Peckshield corroborated this report, adding that FTX also transferred $3.99 million USDT to Binance and Wintermute during the last 24 hours.
These transactions follow a similar trend observed over the past several weeks. The bankrupt crypto firm has rapidly divested its crypto holdings, moving more than $300 million worth of assets. CryptoSlate reported that Solana accounts for more than half of these transfers, with the exchange moving 4.8 million SOL tokens, equivalent to $187 million, as of Nov. 8.
Nevertheless, the rapid sell-off may ease as the number of SOL tokens held in FTX’s public addresses on the Solana blockchain has dwindled to 3,408 tokens, valued at approximately $185,000, according to on-chain analyst Lookonchain.
Previously, the FTX estate boasted over $1 billion of Solana in its asset portfolio, establishing the cryptocurrency as its most substantial digital asset holding.
Solana takes a beating.
Solana’s current upward price movement has ground to a sudden halt during the last 24 hours, with its value declining by more than 7% to $54.27 as of press time, according to CryptoSlate’s data.
Over the past month, SOL’s value has risen by around 170% and over 500% on the year-to-date metrics amid the growing market optimism about the potential approval of a spot exchange-traded fund.
Solana’s robust price gains have led to a surge in fresh adopters, heightened liquidity, and a burgeoning fascination with its blockchain technology, enjoying adoption from major traditional institutions.
Additionally, decentralized finance activities on the blockchain are returning to previous highs, with the total value of assets locked on the network now exceeding $500 million, its highest level since FTX collapsed last year, according to DeFillama data.
Solana Market Data
At the time of press 11:48 am UTC on Nov. 14, 2023, Solana is ranked #7 by market cap and the price is down 7.75% over the past 24 hours. Solana has a market capitalization of $22.21 billion with a 24-hour trading volume of $2.97 billion. Learn more about Solana ›
Crypto Market Summary
At the time of press 11:48 am UTC on Nov. 14, 2023, the total crypto market is valued at at $1.39 trillion with a 24-hour volume of $62.92 billion. Bitcoin dominance is currently at 51.17%. Learn more about the crypto market ›
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Tether
$1.00069
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Wintermute
Wintermute is a global algorithmic market maker in digital assets globally, in CeFi, DeFi, and OTC.