The insolvent cryptocurrency exchange FTX and its affiliated trading firm Alameda Research have unstaked a significant portion of their Solana (SOL) holdings. On-chain analytics platform Onchain Lens tracked the transaction, linking it to FTX-controlled wallets. The total unstaked amount was 195,669 SOL, valued at approximately $27.98 million at the time. This forms part of FTX’s broader monthly unstaking pattern, which has been ongoing since November 2023. In total, well over 8 million SOL, worth close to $1 billion, has been unstaked from the network. Currently, around 4.048 million SOL, valued at roughly $620 million, remains unstaked.
While there is no confirmation of an active sale, history suggests these assets are often transferred to centralized exchanges for controlled liquidation, making a sell-off a realistic possibility. Despite this fresh supply, the market has absorbed the pressure. Capital inflows over the past three days have remained dominant. The Total Value Locked (TVL) on Solana, a key indicator of capital movement, has risen from a recent low of $8.841 billion on January 11 to $9.028 billion, recording an inflow of $187 million. Trading activity has also held firm, with Solana’s average daily trading volume hovering around $4.186 billion over the same period.
However, spot market data tells a more cautious story. Spot exchange netflow data shows that $17.466 million worth of SOL has moved into centralized exchanges, a positive netflow that typically indicates investors are positioning to sell. Between January 8 and press time, daily netflows have largely leaned toward selling. On the technical side, Solana was forming a bullish cup-and-handle pattern at press time, with a decisive move above the $142.1-$142.8 resistance zone potentially triggering a rally toward $169.
In a separate but concurrent development, Bitcoin (BTC) has faced significant selling pressure from exchange-traded funds (ETFs). Between October 2025 and January 2026, Bitcoin ETF outflows accelerated, rising from approximately $3 billion to nearly $6 billion. Traders took profits near the November 2025 all-time high (ATH), triggering panic-selling as the price slipped below the ETF realized level around $86,000. Most post-ATH inflows have shifted into losses, leading to intensified redemptions.
Despite this massive capital exit, Bitcoin's price action has shown notable resilience. BTC fell from near $120,000 but stabilized in the $85,000–$90,000 range, a far smaller move than the scale of outflows would suggest. This indicates that spot demand outside of ETFs absorbed much of the sell pressure. The recent flattening of ETF flows in late December 2025 and early January 2026 has helped reduce forced selling.
The market stress is evident among short-term holders. The Short-Term Holder Realized Price was approximately $98,000, while the spot price hovered near $91,500, leaving recent buyers at a loss. The 30-day Short-Term Holder Net Position Change has turned negative, with roughly -99,000 BTC distributed, signaling net selling. For Bitcoin to invalidate the current distribution structure, bulls must reclaim the $95,300 level. Failure to do so could trigger a deeper correction toward $85,000.
