SOL Drops 5% as FTX Estate Transfers Tokens to Binance, Kraken

The FTX estate moved 750,000 in Solana [SOL], worth about $30 million, to crypto exchanges Binance and Kraken on Monday, the first step ahead of a possible sale, driving the price down 5% over 24 hours.

So far, the bankrupt crypto exchange's estate has moved $102 million in SOL to exchanges in a series of transactions that may exert selling pressure on the token.

1/ In the past 24 hours, #FTX transferred a total of 1.1M $SOL ($42.35M) and 7,183 $ETH ($12.9M) to sell.

As of Nov 3, #FTX had transferred ~$221.7M in crypto assets.

How many assets does #FTX have left?👇 pic.twitter.com/piQY8ATW9X

— Lookonchain (@lookonchain) November 3, 2023

SOL is the largest asset on the FTX estate balance sheet, coming in at just over $1.16 billion, CoinDesk previously reported.

While the token has risen nearly 70% during the last month and is up 10% year-on-year, with the anniversary of the FTX collapse approaching, the price has dropped by 15% from a 14-month high on signs a recent rally may be losing momentum on looming sell pressure. Unstaking and moving tokens to exchanges is the first step in liquidating assets, but the estate hasn't yet sold any.

Earlier this year, the Securities and Exchange Commission (SEC) alleged in a suit that Solana constituted a security, though market volatility eased after the Solana Foundation publicly disputed the SEC's allegation and Ripple scored a partial victory that legal experts said was a setback in the commission's war on crypto.