SOL Drops 5% as FTX Estate Transfers Tokens to Binance, Kraken

The $30 million transfer takes the total SOL moved to exchanges to $102 million, the most out of any liquid asset, while the token's price is near the highest in a year.

AccessTimeIconNov 6, 2023 at 9:11 a.m. UTC
Updated Nov 6, 2023 at 9:15 a.m. UTC

The FTX estate moved 750,000 in Solana (SOL), worth about $30 million, to crypto exchanges Binance and Kraken on Monday, the first step ahead of a possible sale, driving the price down 5% over 24 hours.


So far, the bankrupt crypto exchange's estate has moved $102 million in SOL to exchanges in a series of transactions that may exert selling pressure on the token.

SOL is the largest asset on the FTX estate balance sheet, coming in at just over $1.16 billion, CoinDesk previously reported.

While the token has risen nearly 70% during the last month and is up 10% year-on-year, with the anniversary of the FTX collapse approaching, the price has dropped by 15% from a 14-month high on signs a recent rally may be losing momentum on looming sell pressure. Unstaking and moving tokens to exchanges is the first step in liquidating assets, but the estate hasn't yet sold any.

Earlier this year, the Securities and Exchange Commission (SEC) alleged in a suit that Solana constituted a security, though market volatility eased after the Solana Foundation publicly disputed the SEC's allegation and Ripple scored a partial victory that legal experts said was a setback in the commission's war on crypto.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.