- Alameda Research unstaked $23M in Solana, distributing tokens to 38 FTX-linked wallets; SOL’s price remained stable despite the movement.
- FTX’s $1.57B SOL unlock and Alameda’s smaller transfers coincide with market-wide bearish trends, overshadowing individual asset movements.
Alameda Research, unlocked Solana (SOL) tokens worth $23 million on Wednesday. Blockchain data from Arkham Intelligence shows the tokens were distributed across 38 wallets historically tied to FTX. Despite the movement, SOL’s price remained stable, contrasting with prior instances where similar transactions caused market swings.
FTX’s ongoing reimbursement process involves unlocking SOL holdings, including a separate $1.57 billion release earlier this month. Alameda’s latest transaction represents a smaller portion of this effort.
ARKHAM ALERT: ALAMEDA ADDRESS JUST UNSTAKED $23M SOL TO 38 NEW ADDRESSES
An FTX/Alameda Staking address received $22.9M SOL from a staking address unlock and has just distributed these funds to 37 addresses that have previously received SOL from this address.
These addresses… pic.twitter.com/9eWuKAY4na
— Arkham (@arkham) March 12, 2025
The firm has a history of moving digital assets post-bankruptcy, including staking $10 million in Polygon (MATIC) tokens in late 2023 and transferring $14.75 million in Ethereum (ETH) in early 2024. Those actions led to measurable price changes in both assets, but Solana’s market showed no comparable reaction.
“Alameda address just unstaked $23 million SOL to 38 new addresses. An FTX/Alameda staking address received $22.9 million SOL from a staking address unlock and has just distributed these funds to 37 addresses that have previously received SOL from this address. These addresses currently hold $178.82 million SOL,” Arkham claimed via social media.
SOL’s price briefly dipped and recovered hours before the Alameda unlock became public, suggesting unrelated market forces.
ETHNews analysts note that the U.S. Securities and Exchange Commission’s (SEC) recent delay in approving Solana ETF exerted more downward pressure than Alameda’s activity. In contrast, Ethereum surged 10% when Alameda moved ETH in January, highlighting differing investor responses to similar events.
Market observers speculate that Alameda’s unlocked SOL may support FTX’s creditor repayments. However, broader bearish trends overshadow this possibility. The crypto market’s “Extreme Fear” sentiment, per the Crypto Fear & Greed Index, has driven capital outflows from major assets like Bitcoin and Ethereum, diluting the impact of isolated transactions.
While Alameda’s intentions remain unclear, the muted response underscores how large-scale sell-offs or repayments now compete with systemic market pressures. For now, SOL’s stability amid volatility offers a rare anchor in turbulent conditions.
The FTX reimbursement process, spanning months, will likely see further asset movements. Yet, as macroeconomic and regulatory factors dominate, individual transactions may struggle to sway prices—a sign of markets prioritizing collective uncertainty over single events.
As of today, Solana (SOL) is trading at $126.53, reflecting a 0.49% decline in the past 24 hours. Over the past week, SOL has fallen by 13.86%, and its monthly performance shows a significant 37.78% drop. Despite this recent correction, Solana remains a key player in the crypto market, though it has decreased 16.24% year-over-year.
Solana reached its all-time high for 2025 on January 19, when it traded at $295.83. Since then, the price has experienced a major retracement, suggesting that SOL is currently in a downtrend.
Technical indicators signal a sell trend, with both weekly and monthly analysis pointing towards continued bearish momentum. If selling pressure continues, the next major support level is around $120-$115, while resistance remains at $135-$140.
