FTX and Alameda Unstake 3 Million Solana (SOL) Worth 7.08 Trillion IDR – What’s Next?

Jakarta, Pintu News – In the latest development in the cryptocurrency world, digital wallets belonging to bankrupt crypto exchange FTX and trading firm Alameda Research have unstaked more than 3 million Solana (SOL) tokens worth approximately $431 million (7.08 trillion IDR). This is their largest SOL stake release since November 2023.

Staking Release and Token Distribution Details

On March 4, 2025, blockchain analytics firm Lookonchain reported that FTX and Alameda wallets released a stake of 3.03 million SOL. After the stake release, approximately 25,000 SOL (worth 54.7 billion IDR) was deposited into Binance.

Read also: Pi Network Surges Past Hedera in Market Cap – What’s Next for Pi Coin?

Since November 2023, FTX and Alameda have released stakes totaling 7.83 million SOL, which were then sold through Coinbase and Binance at an average price of $125.80 per SOL (IDR 2,067,000).

Limitations on Court Sale of Assets

Although FTX and Alameda have released large amounts of SOL staking, they cannot sell all the tokens at once. In September 2023, the Delaware Bankruptcy Court approved FTX’s plan to sell digital assets with strict restrictions.

The initial cap is $50 million in the first week and $100 million in the following weeks.

If FTX wants to sell more than the limit, it will have to seek court approval to raise the limit to $200 million (3.29 trillion IDR) per week.

Impact on Solana Price and Crypto Market

This massive stake release raises concerns about potential selling pressure in the Solana market. The SOL price has seen a significant decline, down more than 16% to around $136 (2,234,000 IDR) on March 4, 2025.

Read also: Arthur Hayes Predicts Bitcoin Drop – Will BTC Crash to $70,000?

This drop wiped out all the gains made after the announcement of the US crypto reserve by Donald Trump on March 2.

Market analysts note that if the SOL price drops below the support level of $128 (2,104,000 IDR), it could drop further to $61 (1,002,000 IDR).

Customer Refund Efforts

The release of the SOL stake comes as FTX begins the process of refunding customers affected by the bankruptcy. On February 18, FTX began distributing around $1.2 billion (19.7 trillion IDR) in digital assets to customers.

However, some customers in certain jurisdictions are not eligible for this distribution. On February 21, FTX creditor, Sunil Kavuri, shared a list of 163 jurisdictions that are not eligible for refunds.

Overall, the massive stake release by FTX and Alameda added to the selling pressure in the Solana market and raised concerns among investors. With restrictions on asset sales imposed by the court, the long-term impact on SOL prices remains uncertain.

Investors are advised to monitor these developments closely and consider the risks associated with crypto market volatility.

That’s the latest information about crypto news today. Get more information about crypto academy from beginner to expert level only at Pintu Academy and enrich your knowledge about the world of crypto and blockchain.

Follow us on Google News to get the latest information about crypto and blockchain technology. Enjoy an easy and secure crypto trading experience by downloading Pintu Crypto via Google Play Store or App Store now.

Experience web trading with advanced trading tools such as pro charting, various order types, and portfolio tracker only at Pintu Pro. Click Register Pintu if you don’t have an account or click Login Pintu if you are already registered.

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinpedia. FTX and Alameda Unstake $431M in Solana – Is a Bigger Crash Coming? Accessed on March 5, 2025
• Cointelegraph. FTX and Alameda wallets unstake $431M in SOL. Accessed on March 5, 2025
• TheNewsCrypto. FTX and Alameda Unstake $431M in Solana Amid Customer Repayments. Accessed on March 5, 2025