An address linked to the bankrupt FTX exchange and its trading arm Alameda Research has unstaked more than 400,000 Solana (SOL) across two consecutive days, moving approximately $26 million worth of the token to centralized exchanges, according to on-chain data.
On June 11, blockchain analytics platform Onchain Lens reported that the wallet withdrew 200,241 SOL ($12.99 million) and then split the funds across intermediary addresses before depositing them to Coinbase and Binance. The following day, monitoring firm AmberCN flagged a similar transaction: another 200,000 SOL ($13.01 million) was unstaked and sent to the same exchanges.
These movements fit a well-established pattern. Since November 2023, the primary FTX/Alameda staking address has unstaked a cumulative 10.75 million SOL, totaling an estimated $1.407 billion at the time of each transaction. The estate still holds 2.985 million SOL ($200 million) in staked tokens, indicating further withdrawals are likely.
The methodical flow to Coinbase and Binance strongly suggests the estate is converting the assets to fiat currency to repay creditors—a standard step in the bankruptcy process. While the FTX-linked SOL overhang has been a known market concern, traders and analysts note that the gradual liquidation has been absorbed with limited price volatility. The predictable nature of these unwinding operations reduces the element of surprise, though any acceleration in sale volumes could reintroduce near-term pressure on SOL.
