FTX and Alameda Continue Monthly SOL Transfers: $31.5M in Solana Moved to 30 Addresses

In a pattern that has now become established, the FTX wallet addresses, along with those tied to the sister trading firm Alameda Research, have executed another major Solana (SOL) transfer.

At 10 a.m. EST, exactly seven hours before press time, they moved 188,000 SOL worth $31.5 million to 30 different wallets. This movement, which is now occurring on a fixed schedule, appears to be a liquidation of SOL that the two firms hold.

Blockchain analysts and on-chain data trackers have observed that this is not a singular occurrence. Since the bankruptcy proceedings commenced, FTX and Alameda-associated addresses have displayed the same monthly-motif as the wallets unstaking SOL every month on the same date and transferring the tokens to, well, multiple wallets. Notably, many of these wallets have directly sent the funds over to major exchanges like Binance and Coinbase, hinting at a 1-2 setup for either liquidation or a fresh series of liquidations.

This month’s movement of funds is not an isolated occurrence but part of a broad series of liquidations. From November 2022 through November 2023, a period coinciding closely with the FTX bankruptcy proceedings, the FTX/Alameda staking address has redeemed and transferred a mind-boggling 8.407 million SOL, or about 1.094 billion dollars. This works out to a not-so-pleasant average price of 130 bucks per token. What makes this operation effective—and concerning from a market perspective—is that it is very public. The transfers to these addresses are all easily seen on-chain, and the choice of multiple addresses to which to transfer the SOL quite clearly signals that the staked SOL is being converted to cash.

Notably, Solana was one of the digital assets that FTX and Alameda held most prominently. They had invested massively in the ecosystem, making large and early bets on SOL and its related projects. Now, that extensive position has turned into a double-edged sword: it’s valuable, yes, but as FTX and Alameda go through the process of liquidating such a large amount of SOL, it can—and does—affect price stability and market confidence, particularly on days when large movements are happening, like June 10.

Even though a huge amount has been shifted already, a large part of SOL is still staked in wallets tied to FTX/Alameda. On-chain data shows that around 5.046 million SOL is staked, worth right about $726 million these days. If the current trend were to keep on keeping on, we might expect mostly these same recent, monthly shifts to continue through the rest of 2025 (or until the staked funds are fully unlocked and not re-staked in the FTX/Alameda wallets).

These transfers serve as a reminder for the wider crypto world of the damage that FTX did. They also happen to coincide with what seems to be a broader recovery in the crypto markets. Solana, for instance, is trading near its multi-month highs.

Still, these are not good things for the world of decentralized finance. When you have what seem to be regular supply shocks hitting the market because large institutions are cashing out, it does not communicate to the average consumer that the ecosystem has achieved a state of health.

Even though the ongoing liquidation right now seems to be methodical, it nonetheless reinforces just how colossal FTX’s collapse was—and how long and complicated the restitution path ahead appears. Both creditors and market participants plan to watch on July 10th and see if any of the above happens to be in play.

Traders are advised to watch wallet activity and exchange inflows at the same time each month. These inflows are now one of the indicators of large-scale sell-side pressure in the Solana market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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