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The FTX estate has reportedly staked 5.5 million Solana (SOL), worth $122 million. This development comes amidst fears of the defunct crypto exchange liquidating a substantial portion of its SOL holdings and inducing a bearish trend.<\/span><\/p>\n On October 14, blockchain tracking platform Whale Alert reported<\/a> that 5.5 million SOL had been transferred between two unknown wallets. Thereafter, a crypto analyst with the X username ashpool soon identified the FTX exchange to be behind this whale transaction.<\/span><\/p>\n Using data from gelato.sh, ashpool revealed<\/a> that the FTX exchange had delegated the said 5.5 million SOL to the Figment staking service, an active validator on the Solana network.\u00a0<\/span><\/p>\n FTX estate is staking 5.5M SOLhttps:\/\/t.co\/ajRgBHFNt9<\/a> https:\/\/t.co\/UGorSGMtwC<\/a><\/p>\n \u2014 ashpool (@solanobahn) October 14, 2023<\/a><\/p>\n<\/blockquote>\n In September, the management of the bankrupt crypto exchange obtained court approval<\/a> to liquidate its crypto holdings, valued at $3.4 billion, as they look to pay off their creditors.<\/span><\/p>\n Solana accounts for the largest part of FTX\u2019s crypto assets, with the exchange reportedly owning 55.8 million SOL, worth $1.16 billion.\u00a0<\/span><\/p>\n However, the majority of this SOL are currently staked, with FTX reportedly having access to 7 million SOL as of September, most of which had been sold off.\u00a0<\/span><\/p>\n On October 6, 9.1 million SOL, worth about $212 million, owned by Alameda Research \u2013 FTX\u2019s defunct trading wing \u2013 were reportedly<\/a> unstaked, prompting new fears of market sell-off by the FTX estate.\u00a0<\/span><\/p>\n However, FTX\u2019s latest move to stake 5.5 million SOL shows the exchange is holding on to its SOL investments for now, which could be interpreted as a reassuring move for traders with fears of liquidation.<\/span><\/p>\n Despite its bankrupt status, FTX is still considered a major player in the Solana ecosystem, owning 10% of SOL\u2019s total supply. In addition to its SOL holdings, FTX also owns 20,500 BTC worth $560 million and 112,600 ETH, worth $192 million, among other crypto assets.\u00a0<\/span><\/p>\n In other news, SOL is up by 16.06% in the last months despite fears of liquidation and worrying factors linked to the FTX exchange.\u00a0<\/span><\/p>\n Most recently, there were circulating rumors that the defunct exchange could \u201cswitch off\u201d the Solana blockchain if it found the need to liquidate the long position of traders.<\/span><\/p>\n However, these rumors were soon debunked by multiple accounts as fake. In fact, Jacob Creech, Head of Developers at Solana, drew the community\u2019s attention<\/a> to the fact there is a $400,000 SOL bounty for anyone who can find a \u201cswitch off\u201d for the network.\u00a0\u00a0<\/span><\/p>\n At the time of writing, SOL is trading<\/a> at $21.98, with a 2.34% gain in the last day. Meanwhile, the token\u2019s daily trading volume is up by 10.18% and is valued at $267.07 million.<\/span><\/p>\n<\/p>\n Featured image from Cryptodose, chart from Tradingview<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" The FTX estate has reportedly staked 5.5 million Solana (SOL), worth $122 million. This development comes amidst fears of the defunct crypto exchange liquidating a substantial portion of its SOL holdings and inducing a bearish trend. FTX Renews Bullish Interest In Solana With Latest Move On October 14, blockchain tracking platform Whale Alert reported that […]<\/p>\n","protected":false},"author":2,"featured_media":174279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-174278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=174278"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174278\/revisions"}],"predecessor-version":[{"id":174281,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174278\/revisions\/174281"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/174279"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=174278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=174278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=174278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}FTX Renews Bullish Interest In Solana With Latest Move<\/span><\/h2>\n
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SOL Up By 16% In One Month<\/span><\/h2>\n
SOL trading at $21.93 on the hourly chart | Source: SOLUSDT chart on Tradingview.com<\/a><\/pre>\n