FTX/Alameda-linked address unwinds $19.4 million in Solana, on-chain data shows

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FTX/Alameda-linked address unwinds $19.4 million in Solana, on-chain data shows

An on-chain address linked to the bankrupt FTX exchange and its trading arm Alameda Research has valued 199,000 Solana (SOL), worth about $19.4 million, according to blockchain tracking firm Onchain Lens. The transaction, which was tracked on March 11, 2025, follows a pattern observed in previous movements from wallets associated with the collapsed crypto empire.

On-chain activity and historical patterns

The tumultuous event is part of a broader series of asset movements from wallets controlled by FTX and Alameda as their bankruptcy estates work to liquidate holdings and repay creditors. Based on past activity, the 199,000 SOL is expected to be split across multiple intermediary addresses before being deposited to major exchanges, primarily Coinbase and Binance. Similar patterns were observed at the end of 2024 when the estate moved millions in SOL and other tokens ahead of creditor distribution milestones.

Blockchain analysts note that the use of multiple intermediary wallets is a standard security practice for large liquidations, designed to avoid market disruption and prevent automated trading bots from front-running. Total SOL holdings under FTX estate management remain substantial, with recent court filings indicating estate control of over 41 million SOL tokens, representing a significant portion of the network’s circulating supply.

Context: FTX bankruptcy and asset recovery

FTX filed for Chapter 11 bankruptcy protection in November 2022 following a liquidity crisis that revealed widespread mismanagement of client funds. Since then, the bankruptcy estate, led by CEO John J. Ray III, has systematically recovered and liquidated digital assets to maximize returns for creditors. Solana was one of the largest holdings in FTX’s portfolio, along with Bitcoin, Ethereum and various altcoins.

The estate’s asset management strategy included the use of SOL to generate returns during the restoration process, a move that drew both praise for maximizing value and criticism for potential market impact. Unrestricted events like this are closely watched by traders and analysts, as they can indicate impending selling pressure on the SOL market.

Market implications for Solana

While a $19.4 million sell order is relatively modest compared to Solana’s daily trading volume — which averaged more than $2 billion in February 2025 — the cumulative effect of repeated liquidations of the FTX estate has contributed to periodic price volatility. SOL has traded in a range between $95 and $120 over the past month, with the broader crypto market reacting to macroeconomic factors and regulatory developments.

Analysts warn that the FTX estate’s liquidation schedule remains opaque, making it difficult for traders to price future offerings. However, the estate has publicly committed to conducting sales in an orderly manner to minimize disruption, and court-appointed supervisors monitor all transactions.

Deduction

The latest SOL discharge of an FTX/Alameda-linked address is a routine step in the ongoing bankruptcy process, not an unexpected event. The key takeaway for readers is that the estate continues to methodically liquidate assets as part of its court-approved plan to repay creditors. While short-term market effects are possible, the long-term impact on Solana’s price will depend more on network fundamentals, adoption trends and broader market conditions than on these scheduled moves.

Frequently Asked Questions

Q1: Why is the FTX estate unwinding SOL instead of selling it outright? The estate allows SOL to earn returns while the bankruptcy process unfolds, maximizing the value of assets for creditors. Staking is required before the tokens can be transferred or sold on exchange.

Q2: Will this SOL sale crash the price of Solana? Unlikely. The amount of $19.4 million is small relative to Solana’s daily trading volume. The estate has also committed to orderly sales to avoid market disruption.

Q3: How much SOL does the FTX estate still hold? According to recent court filings, the estate controls more than 41 million SOL tokens, although the exact amount may change as the liquidation process continues.

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