FTX Unstakes 186K SOL: Creditor Repayment May Trigger Market Pressure

A wallet associated with FTX and Alameda Research unstaked 186,326 SOL tokens ($21.5M) on April 11, raising concerns of a potential selloff. Historical patterns suggest these moves precede asset liquidations to repay creditors.

FTX Unstaked 186K SOL: Potential Selloff Looming?

A wallet address linked to FTX/Alameda Staking unstaked 186,326 Solana (SOL) tokens, worth approximately $21.5 million, on Friday, April 11. While the assets haven’t moved from FTX’s address, the unstaking process has historically led to a selloff as the bankrupt exchange aims to repay its creditors. The address also unstaked over 185,000 SOL last month, according to onchain data. So far, FTX and its hedge fund have unstaked more than 3 million SOL tokens.

FTX Unstakes 186K SOL Tokens—Market Concerns Rise

FTX and Alameda unstaked 186,326 SOL tokens worth approximately $21.5 million on April 11. The unstaked tokens have not yet been moved from the FTX-linked wallet. Previous unstaking events by FTX often led to market selloffs aimed at repaying creditors. This recent unstaking intensifies existing market pressures due to current financial tensions affecting market conditions.