FTX Unstakes $31M in SOL, Raising Eyebrows During Bull Market Surge
FTX has unstaked another large batch of Solana tokens, this time worth roughly $31.3 million, fueling renewed speculation about potential sell pressure during a red-hot crypto rally.
On-chain data shows the bankrupt exchange moved 189,851 SOL amid a broader market upswing, just as institutional demand for Solana continues to grow. While similar unstaking events have occurred before, the timing of this latest transfer has sparked debate.
Some traders see the move as routine, noting that FTX has been slowly unwinding its SOL holdings for months. Others, however, caution that large-scale asset unlocks—especially during bullish momentum—could trigger short-term volatility.
Analysts remain divided. Some believe the freed-up SOL may be redirected toward market-making or other investments, rather than being dumped outright. Others point to Solana’s network strength and $30B+ in daily transaction volume as signs that it can absorb temporary fluctuations.
FTX’s asset management strategy is tied closely to its ongoing bankruptcy process, which involves redistributing $5 billion in assets. A significant portion of creditor claims come from Chinese users—many of whom may not be able to access their repayments due to local restrictions, adding complexity to the process.
Earlier this year, a larger SOL unlock by FTX led to a brief dip in price. This week’s smaller movement is unlikely to have the same impact—unless more follows or panic selling sets in. For now, all eyes are on whether the newly available tokens are sold or held.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
