The FTX property has reportedly staked 5.5 million Solana (SOL), value $122 million. This improvement comes amidst fears of the defunct crypto change liquidating a considerable portion of its SOL holdings and inducing a bearish development.
FTX Renews Bullish Interest In Solana With Latest Move
On October 14, blockchain monitoring platform Whale Alert reported that 5.5 million SOL had been transferred between two unknown wallets. Thereafter, a crypto analyst with the X username ashpool quickly recognized the FTX change to be behind this whale transaction.
Using information from gelato.sh, ashpool revealed that the FTX change had delegated the mentioned 5.5 million SOL to the Figment staking service, an lively validator on the Solana community.
FTX property is staking 5.5M SOLhttps://t.co/ajRgBHFNt9 https://t.co/UGorSGMtwC
— ashpool (@solanobahn) October 14, 2023
In September, the administration of the bankrupt crypto change obtained court docket approval to liquidate its crypto holdings, valued at $3.4 billion, as they appear to repay their collectors.
Solana accounts for the biggest a part of FTX’s crypto belongings, with the change reportedly proudly owning 55.8 million SOL, value $1.16 billion.
However, the vast majority of this SOL are at present staked, with FTX reportedly accessing 7 million SOL as of September, most of which had been offered off.
On October 6, 9.1 million SOL, value about $212 million, owned by Alameda Research – FTX’s defunct buying and selling wing – had been reportedly unstaked, prompting new fears of market sell-off by the FTX property.
However, FTX’s newest transfer to stake 5.5 million SOL reveals the change is holding on to its SOL investments for now, which might be interpreted as a reassuring transfer for merchants with fears of liquidation.
Despite its bankrupt standing, FTX continues to be thought of a significant participant within the Solana ecosystem, proudly owning 10% of SOL’s complete provide. In addition to its SOL holdings, FTX additionally owns 20,500 BTC value $560 million and 112,600 ETH, value $192 million, amongst different crypto belongings.
SOL Up By 16% In One Month
In different information, SOL is up by 16.06% within the final months regardless of fears of liquidation and worrying components linked to the FTX change.
Most not too long ago, there have been circulating rumors that the defunct change might “switch off” the Solana blockchain if it discovered the necessity to liquidate the lengthy place of merchants.
However, these rumors had been quickly debunked by a number of accounts as pretend. In truth, Jacob Creech, Head of Developers at Solana, drew the group’s consideration to the very fact there’s a $400,000 SOL bounty for anybody who can discover a “switch off” for the community.
At the time of writing, SOL is buying and selling at $21.98, with a 2.34% achieve within the final day. Meanwhile, the token’s day by day buying and selling quantity is up by 10.18% and is valued at $267.07 million.
SOL buying and selling at $21.93 on the hourly chart | Source: SOLUSDT chart on Tradingview.com
Featured picture from Cryptodose, chart from Tradingview