FTX’s $31M Solana Unstaking Triggers Market Uncertainty Amid Bullish Momentum

FTX has recently unstaked 189,851 SOL tokens, valued at approximately $31.32 million, raising concerns about potential selling pressure in the market. This development comes at a time when Solana is experiencing a significant bullish trend, driven by increasing institutional interest and broader gains in the cryptocurrency market. The unstaking move has sparked mixed reactions among market participants. Some interpret it as a standard procedure related to FTX's bankruptcy proceedings, while others worry it could precede large-scale liquidations that may impact Solana's price stability. As Solana continues to ride its upward momentum, the market will be closely watching how this situation unfolds and whether the cryptocurrency can maintain its resilience amidst these new challenges. The outcome could serve as a critical test for Solana's market strength and investor confidence in the face of potential volatility.

FTX's $31M Solana Unstaking Sparks Market Volatility Concerns

FTX has unstaked 189,851 SOL tokens worth $31.32 million, triggering fresh concerns about potential selling pressure. The move comes as Solana rides a bullish wave fueled by institutional interest and broader crypto market gains.

Market participants are divided—some view this as a routine bankruptcy-related transaction, while others fear it may signal impending liquidations. Solana's price resilience will be tested as traders watch for short-term volatility.

This isn't FTX's first large-scale SOL unstaking during bankruptcy proceedings, but the timing during a market upswing makes this transaction particularly noteworthy. The exchange's remaining holdings continue to loom over Solana's price action.

BlockFi Co-Founder Flori Gilroy Joins SoFi to Lead Crypto Unit Revamp

Flori Gilroy, co-founder of the now-defunct crypto lender BlockFi, has been appointed as Senior Vice President of SoFi's cryptocurrency division. The move signals a strategic push by the online bank to revitalize its digital asset offerings after pausing crypto trading services in 2023 due to regulatory changes.

Gilroy's hiring follows BlockFi's collapse during the 2022 crypto winter, which saw the lender entangled in the fallout from Three Arrows Capital's bankruptcy. Her appointment completes the return of both BlockFi founders to the industry—Zac Prince previously joined Galaxy Digital.

The connection between Gilroy and SoFi dates back to 2018 when the fintech participated in BlockFi's seed round. SoFi plans to relaunch crypto investing services alongside global remittance features later this year, according to a June announcement.