Solana Price Wobbles as FTX Unstakes 190,000 SOL During Bullish Crypto Surge

Andrew Chen
Solana Coins

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Key Takeaways

  • FTX unstaked 190,000 SOL worth $31 million during a bullish crypto rally, raising market concerns.
  • The move is linked to FTX’s ongoing bankruptcy process and could signal further liquidations depending on creditor demands.
  • Legal and jurisdictional challenges—especially involving Chinese creditors—may influence how and when assets like Solana are liquidated.

Solana (SOL) holders are on edge after Lookonchain reported that the now-defunct exchange FTX unstaked 189,851 SOL—worth approximately $30.94 million. The transfer comes during a period of renewed bullish momentum in the crypto market, amplifying concerns about potential sell pressure.

This latest unstaking event is not unusual in isolation—FTX has consistently moved SOL from staking to exchange-linked wallets. However, its timing amid a Bitcoin all-time high (ATH) test and Ethereum reclaiming the $3,000 level makes this instance particularly concerning.

Market Jitters Rise Amid Potential Sell-Off Pressure

Traders are closely watching whether the unstaked tokens will be sold or distributed to FTX creditors. With the broader market eyeing a possible altcoin season, a sudden $31 million injection of SOL into circulation could undermine Solana’s short-term price momentum.

“Sending it into the market can bring more uncertainty for SOL,” one user on X (formerly Twitter) commented. Similar FTX-related movements in the past, such as a $236 million SOL unlock earlier this year, caused temporary price dips.

FTX’s Bankruptcy and Legal Complexities Add to the Uncertainty

The move ties directly to FTX’s ongoing bankruptcy proceedings. The exchange is working to reimburse creditors with approximately $5 billion in recovered assets. But legal complications remain, especially regarding international claimants.

FTX has proposed freezing claims from 49 countries due to restrictive crypto regulations—China alone accounts for 82% of those blocked claims. Affected users in regions like China are voicing frustration and calling for accountability, further complicating the timeline and asset liquidation strategy.

Could Solana Withstand Another Supply Shock?

While some argue that the market has priced in these FTX-related unlocks, others warn that the current bullish momentum could be at risk. A rapid influx of SOL into the market—especially during an altcoin rally—could pressure Solana’s price if recipients opt to sell.

Also Read: Chinese Creditors Challenge FTX Plan That Risks Forfeiting $800M in Bankruptcy Claims

Still, compared to earlier movements, this $31 million tranche is modest. Whether it tips market sentiment will depend on timing, volume, and broader crypto trends in the coming days.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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