FTX-Linked Wallet Transfers 250,000 Solana to Binance
Recently, a wallet linked to FTX transferred 250,000 Solana (SOL) to Binance, totaling $13.54 million at current exchange rates. This transfer is likely part of the program authorized by the bankruptcy court to sell assets.
Solana’s (SOL) Price and FTX Sales
In the past seven days, SOL’s price increased by 33%. It reached its peak at $64.5 on November 11th and has since retraced slightly to the current $54.2. Despite this retracement, SOL’s price has seen a 444% increase since the beginning of the year, with a 147% increase in the last thirty days alone.
The Crash of 2022
SOL’s all-time high price was above $260 in November 2021 before experiencing a significant drop. The price fell to $9.8 in late 2022, resulting in a cumulative loss of more than 96% from its peak. However, there has been a notable rebound since mid-October when the price rose from $22 to over $60 in less than a month.
FTX’s Sales
FTX held approximately $1 billion worth of SOL at the time of bankruptcy and began selling them recently to repay creditors in fiat currency. The recent surge in SOL’s price has provided FTX with an opportune time to sell its remaining tokens despite not selling all of them at once to avoid triggering a drop in price.
Hot Take: FTX Capitalizes on SOL Price Surge
FTX’s decision to sell its remaining SOL tokens amid the recent surge in price demonstrates its efforts to raise funds for creditor repayments. While it may cause minor fluctuations in SOL’s price, this strategic approach benefits both FTX and its creditors while taking advantage of favorable market conditions.
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