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$16 million more in SOL, ETH, and other assets is moved to Kraken, Binance, and Coinbase by FTX and Alameda


FTX and Alameda Research addresses have transferred an additional $46 million worth of Solana (SOL), Ethereum (ETH), Polygon (MATIC), and other crypto assets to Kraken, Binance, and Coinbase.

The latest batch of movements began yesterday at 18:56 (UTC) when an Alameda Research-labeled address moved $2.1 million worth of SushiSwap (SUSHI). Following the SUSHI transfer, the Alameda address, alongside FTX wallets, continued to move more tokens.

According to the blockchain surveillance system Spot on Chain, the largest transfers in this batch included movements of 500,000 SOL valued at $21.6 million, 14 million MATIC worth $9.3 million, and 2,784 ETH tokens pegged at $5.15 million at the time of the movement.

Other tokens featured in the latest tranche of transfers include Mask Network (MASK), Basic Attention Token (BAT), Gala (GALA), Lido DAO (LDO), and Coin98 (C98). The combined value of these five tokens amounted to $7.61 million, bringing the value of all the moved assets to $46 million.

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The FTX and Alameda addresses have transferred these assets to American exchanges Coinbase and Kraken, as well as Binance, the world’s largest exchange. In all, FTX and Alameda have shifted 30 crypto assets valued at $170 million since they started moving funds on Oct. 26. 

FTX and Alameda Transfers Since Oct 26 SpotOnChain
FTX and Alameda Transfers Since Oct 26 | SpotOnChain

FTX and Alameda Holdings and Recent Txns

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Following the most recent transactions, FTX addresses currently hold $444 million, according to Spot on Chain. In addition, Alameda addresses boast $236 million. FTT is the largest FTX holding ($319 million), while STG represents Alameda’s largest holding ($47.2 million).

Amid this series of movements, Solana takes a special spot due to the sheer amount of tokens the FTX ecosystem holds. The estate has continued to move out more SOL tokens, sending $61.7 million worth of the asset to exchanges over the past week as it looks to reduce its bag.

The ecosystem still holds 1,137,681 Solana tokens valued at $46.3 million in cold wallets. As observed with previous batches of transactions, the latest movements have again triggered fears of selloffs, with Solana the most potentially impacted.

However, as detailed in previous reports, these fears cooled when the FTX estate decided to stake some of the tokens. In 7 days, FTX staked $169.5 million worth of assets, including 5.5 million SOL valued at $122 million at the time and $38.1 million worth of ETH.

Additionally, when the FTX estate wishes to sell off its crypto holdings, the court has set up measures to minimize the impact on the market. Notably, the court permits FTX to sell off a maximum of $50 million for the first week, with the limit increasing to $100 million in subsequent weeks.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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