Whales and FTX/Alameda Drive Major $SOL Unstaking As DeFi Locking Hits New Highs

A whale recently unstaked 106,213 $SOL, valued at $14.3 million, and deposited it into Binance just two hours ago, marking another significant movement of Solana tokens.

Meanwhile, over $1 billion worth of $SOL is being unstaked by FTX/Alameda, raising eyebrows in the crypto community.

A whale unstaked 106,213 $SOL($14.3M) and deposited it into #Binance 2 hours ago.https://t.co/k4JynbJppU pic.twitter.com/61Ckc1Omud

— Lookonchain (@lookonchain) September 13, 2024

In the past three months, FTX/Alameda has unstaked a total of 530,000 $SOL (worth approximately $71 million) and transferred it to various addresses. On average, they’ve been unstaking 176,700 $SOL per month, totaling $23.5 million monthly. Despite these massive withdrawals, FTX/Alameda still holds a considerable amount of staked $SOL—around 7.06 million tokens, currently valued at $945.7 million.

Over $1B worth of $SOL is being unstaked by FTX/Alameda!

In the past 3 months, FTX/Alameda has unstaked 530K $SOL($71K) and transferred it to multiple addresses, averaging 176.7K $SOL($23.5M) unstaked per month.

FTX/Alameda still has 7.06M $SOL($945.7M) staked.… pic.twitter.com/lhfVDsEc99

— Lookonchain (@lookonchain) September 13, 2024

While whales and major entities are actively unstaking, Solana’s DeFi ecosystem is thriving. The amount of $SOL locked in Solana DeFi, including liquid staking protocols, has reached a new all-time high of 33 million $SOL. This figure represents 7.07% of Solana’s total circulating supply, indicating growing confidence in decentralized finance platforms and the increasing utility of $SOL within the DeFi space.