FTX/Alameda transfers $32M SOL in monthly redemption

An FTX/Alameda staking address completed a monthly redemption and transfer of 182,421 SOL valued at $32.35M in two transactions a little over 10 hours ago. The redeemed SOL was distributed to 20 addresses. 

Solscan data showed that the FTX/Alameda staking address still held a balance of 6.47M SOL worth over $1.19B. The data also revealed that the staking address had redeemed and transferred a total of 4.445M SOL worth over $516.88M through the same method at an average price of $116. 

The move signaled FTX/Alameda’s active management of their accounts and showed their continued significant stake in Solana, potentially indicating confidence in SOL’s long-term value. According to crypto enthusiast Evelina Radziwiu, the staking redemption could be seen as FTX/Alameda’s broader strategy to rebalance their portfolio due to the potential staking risks. She pointed out that the proposed slashing mechanisms on Solana were likely to affect staked assets.

FTX/Alameda has a significant stake on Solana  

🚨TODAY: FTX/Alameda Research redeems around $32 million worth of $SOL from staking.

Solscan data shows that the wallet still has over $1.1 billion worth of $SOL locked up. pic.twitter.com/LsjVUzZc4X

— Crypto HMVP (@Naqati7) January 14, 2025

Solscan’s ‘transfers’ data showed that the FTX/Alameda staking address first withdrew 182,397 SOL, followed by another withdrawal of 24 SOL three hours later, bringing the total to 182,421 SOL. The SOL was then distributed to 20 addresses in separate transactions carried out about seven hours ago. 

LocaleDao claimed that FTX/Alameda’s significant movement of SOL could impact SOL market dynamics, while the remaining $1.1 billion locked position warranted close monitoring for future redemptions. The allocation of the redeemed SOL to 20 different addresses also suggested a strategic distribution aimed at liquidity management or fulfilling specific institutional demands. 

Today’s unstaking continued a trend in recent months where FTX/Alameda had redeemed almost the same amount of SOL between the 12th and the 15th of each month. 

In December 2024, Solscan’s data showed that FTX/Alameda completed its routine redemption, unstaking 181,232 SOL worth ~$41.46 million, which was also distributed to 20 addresses. The FTX/Alameda staking address also redeemed 179,800 SOL worth $39.21 million in November through the same procedure, with most of the SOL reportedly flowing into Binance and Coinbase. The same address redeemed 177,693 SOLs valued at over $23.7 million in September 2024 and 178,631 SOLs worth $128 million in October.

As of the time of publication, Solana was exchanging hands at $186.63, with a 24-hour increase of 2%. SOL’s trading volume increased by almost 158% to $6.12 billion in the past 24 hours. 

FTX/Alameda redirects $1.2B to debt repayment

According to FTX creditor activist Sunil Kavuri, FTX had until the 20th of this month to fulfill predistribution requirements of $1.2 billion in repayments to small creditors (<$50K). Small creditors represent 98% of FTX’s customers and will receive a larger percentage of the payout. 

According to ODaily’s JK, FTX is paying part of its ~$16 billion debt (creditor repayments) by next month. The plan came as FTX/Alameda continued to liquidate assets, including SOL, to initiate the notable debt cancellation. The compensations will, however, be settled based on crypto prices at the time FTX filed for bankruptcy in November 2022. The price of Bitcoin was at around $16K.

Arkham’s on-chain data revealed that FTX’s net holdings had dropped by over $200 million in the last week, from $1.70 billion on January 7th to $1.49 billion on January 14th. Solana-based assets OXY (9.77B), MAPS (7.96B), MEDIA (7.65M), FIDA (256.09M), and RAY (3.11M) accounted for about $713 million of FTX’s net holdings’ value.

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