Alameda Research has recently unstaked a significant number of Solana tokens and transferred them to various addresses associated with FTX. Despite this large movement, the price and demand for Solana have remained stable. The overall bearish sentiment in the crypto market seems to overshadow any potential effects from these token transfers.
On-chain data indicates that Alameda distributed the unstaked tokens across 38 wallets linked to FTX. This pattern is consistent with previous asset transfers by the trading firm. Since its collapse, Alameda has often moved large amounts of different cryptocurrencies, which usually affects prices. However, in this instance, Solana’s price did not show any significant changes despite the transfer of a large supply.
This situation contrasts with earlier events where Alameda’s asset movements led to noticeable price shifts. For example, when the firm moved Ethereum earlier in 2024, ETH saw a significant price increase. In contrast, the recent Solana transaction had little effect on market dynamics, even though Solana’s price briefly dipped before the announcement.
The reasons behind these token transfers are not entirely clear. Some speculate that Alameda may be reallocating assets as part of FTX’s ongoing efforts to reimburse creditors. Last month, FTX initiated its first phase of creditor repayments, and earlier this month, the exchange unlocked a large batch of Solana tokens. If these transfers are linked to the reimbursement process, they could help restore funds to affected users.
Despite these developments, Solana’s demand is not expected to change significantly. The broader crypto market is currently facing extreme fear, leading to considerable outflows from major assets.
