FTX exchange sells $316M in crypto amid recovery efforts

In an effort to bolster its financial standing, the FTX crypto exchange has sold a significant amount of crypto assets, totaling around $316 million.

These sales occurred between November 7th and 8th and involved various cryptocurrencies, including Solana (SOL) and Ethereum (ETH).

Solana, in particular, accounted for a substantial portion of the sales, with FTX offloading 4.8 million SOL tokens worth around $187 million.

Despite this significant selloff, Solana’s price remained resilient, even exhibiting a 5.22% increase in recent days.

The sales were undertaken as part of FTX’s ongoing recovery efforts following a tumultuous period in 2022. The exchange has also been actively seeking to repay individuals who suffered losses during its crash last year. These efforts include the sale of FTX’s investments in Grayscale and Bitwise.

FTX’s crypto sales have generated excitement within the cryptocurrency market, particularly in light of the ongoing anticipation for Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC).

If approved, a Bitcoin ETF could potentially lead to increased demand for Bitcoin and other cryptocurrencies, further buoying the market.

Recently, FTX, along with its debtors, submitted a request to the U.S. bankruptcy court in Delaware. They announced they are seeking approval to sell trust assets that include funds from Grayscale and Bitwise, valued at an estimated $744 million.