Alameda Unstakes $23 Million in Solana To FTX-Linked Wallets

Alameda Research unlocked Solana tokens worth nearly $23 million today. Despite this notable unlock, it barely affected SOL’s underlying price or demand dynamics.

FTX’s reimbursement process has begun, and the firm unlocked SOL worth $1.57 billion. Alameda’s comparatively small unlock exists in the context of bearish market factors that are drastically impacting demand.

How Will Alameda Use Its Unstaked Solana Tokens?

According to on-chain data from Arkham Intelligence, Alameda Research distributed the unstaked SOL to 38 FTX-linked addresses. As a refresher, Alameda was the trading firm linked to the FTX collapse, operated by Caroline Ellison.

“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.

Since its downfall, Alameda has moved huge amounts of assets on several occasions. For example, Alameda bankruptcy addresses staked $10 million in MATIC tokens in late 2023 and moved Ethereum worth $14.75 million in early 2024.

However, both these incidents caused significant price fluctuations in the relevant assets.

Solana’s price, on the other hand, has barely budged since these Alameda transactions took place. Yesterday, the SEC delayed several Solana ETF applications, and this had a slightly bearish impact on the altcoin’s price.

Even so, ETH jumped 10% when Alameda moved a supply worth $14.75 million. It moved much more SOL today, but this didn’t even cause the day’s largest price move.

Solana declined and spiked in a short time span, but all of this happened before the announcement. Comparatively, the Alameda unlock had practically no effect.

So far, it isn’t clear what exactly Alameda is planning to do with these unlocked Solana tokens. Last month, FTX began the first round of creditor repayments, but this will be a long process. Earlier this month, FTX also unlocked Solana tokens worth $1.57 billion.

In other words, Alameda may be planning to use these tokens as part of the FTX reimbursement process, but that might not change Solana’s demand.

The crypto market is currently in a state of Extreme Fear, and most major assets are seeing big outflows. Alameda’s actions are just one drop in a very large bucket.