FTX/Alameda Unstakes 193K SOL Redirects Funds to Exchanges
On November 13, FTX/Alameda unstaked 193,800 SOL (around $31 million), distributing the tokens to 28 addresses. On-chain data show most recipients quickly transferred their SOL to major exchanges such as Coinbase and Binance. Since November 2023, FTX/Alameda has exited a total of 9.37 million SOL—valued at approximately $1.27 billion at an average price of $135.8 per SOL—while still keeping 4.05 million SOL locked in staking. This large-scale SOL reallocation reflects FTX/Alameda’s ongoing asset-management strategy and could exert short-term bearish pressure on SOL prices, impacting liquidity on centralized platforms.
Bearish
This news is bearish because FTX/Alameda’s unstaking of nearly 194K SOL and the routing of these tokens to major exchanges suggest an imminent increase in sell-side supply. Large on-chain SOL outflows to exchanges typically precede significant downward price moves, as traders rush to liquidate positions. Over the longer term, once FTX/Alameda completes its asset reallocation and staking balances stabilize, selling pressure may ease and liquidity might recover, potentially neutralizing further price declines.