FTX Moves $90 Million in Solana (SOL) to Coinbase

A wallet associated with FTX has unstaked and transferred over 1.5 million Solana (SOL) tokens, worth approximately $90 million, to Coinbase. This follows a court order in early September granting FTX permission to sell its crypto assets.

1/ FTX-related address "4Axqyo...HswTAh" unstaked 1.5M $SOL($90M) 2 hours ago and transferred it to "3vxheE...5mgkom".

And we noticed that "3vxheE...5mgkom" deposited 4.13M $SOL($248.67M) to #Coinbase 11 hours ago. pic.twitter.com/pQRNDZCvgy

— Lookonchain (@lookonchain) December 5, 2023

Details of the Transaction

The SOL tokens were transferred from the wallet “4Axqyo…HswTAh” to the address “3vxheE…5mgkom”.
The address “3vxheE…5mgkom” subsequently deposited 4.13 million SOL (worth $248.67 million) to Coinbase.
The wallet “4Axqyo…HswTAh” is thought to be associated with FTX cold wallets.

Potential Impact on SOL Price

The large transfer of SOL tokens could put downward pressure on the price of SOL. However, the long-term impact is uncertain.

FTX's Ongoing Crypto Asset Sales

This transfer is part of FTX's ongoing efforts to sell its crypto assets following the court order. The company has made several similar sales in recent weeks.

Overall, this news highlights FTX's continued unwinding of its crypto holdings and the potential impact on the price of SOL.

Key Takeaways:

• FTX has transferred over 1.5 million SOL tokens to Coinbase.
• The transfer is part of FTX's ongoing crypto asset sales.
• The large transfer could put downward pressure on the price of SOL.