FTX/Alameda Unstakes 178,631 SOL Worth $28M Part of Regular Transfers to Major Exchanges

• FTX/Alameda redeems 178,631 SOL monthly, totaling $28M, with speculation it could flow into Coinbase or Binance soon.
• Despite consistent redemptions, FTX/Alameda still holds 7.09M SOL, valued at $1.1B, in staked assets.
• FTX’s reorganization plan includes liquidating $14.7B–$16.5B in assets, which may explain the regular unstaking of SOL.

Early on October 15, FTX/Alameda’s Solana (SOL) staking address redeemed 178,631 SOL tokens, valued at $28 million. This continues the pattern of monthly redemptions from the H4y…gFZ address, with significant amounts typically withdrawn between the 12th and 15th of each month. These consistent redemptions have raised speculation that the tokens may soon flow into exchanges like Coinbase or Binance.

Consistent SOL Withdrawals from FTX/Alameda

FTX/Alameda’s SOL transactions have followed a predictable pattern in recent months. Each month, approximately 170,000 SOL tokens, valued at tens of millions of dollars, are unstaked and moved. 

According to blockchain data, the latest redemption was no different, with 178,631 SOL withdrawn just four hours ago. These tokens are likely to be transferred to multiple addresses before being sent to exchanges. The timing aligns with previous transfer records, suggesting a deliberate strategy behind these movements.

Current Holdings and Staking Activity

Despite these regular redemptions, FTX/Alameda’s SOL staking address still holds a substantial amount of Solana. Currently, 7.09 million SOL, valued at over $1.1 billion, remains staked in the same address. 

This large reserve has been slowly decreasing through monthly redemptions, with 530,000 SOL, worth approximately $71 million, unstaked over the past three months alone. These actions have raised concerns about the potential market impact as more SOL enters circulation.

Implications of FTX Reorganization Plan

The timing of these withdrawals aligns with FTX’s ongoing reorganization. On October 7, a Delaware bankruptcy court approved FTX’s reorganization plan, aimed at distributing between $14.7 billion and $16.5 billion in assets to creditors. 

These assets include significant cryptocurrency holdings, such as SOL, which may explain the regular redemptions. As part of the plan, creditors will receive 119% of their allowed claims, which could accelerate FTX’s liquidations.