Solana (SOL) has taken a breather after several days of consecutive gains, coinciding with FTX's bankruptcy restructuring team continuing to transfer substantial SOL tokens to exchanges—valued at over $10 million.
FTX-Linked Wallets Move $13.5M in SOL and USDT
Blockchain analytics tool PeckShield reported that addresses flagged as FTX-related transferred 250,000 SOL (worth ~$13.54 million) and **$3.99 million USDT** to Binance and trading firm Wintermute in the early hours of November 14.
[#PeckShieldAlert] FTX-labeled address transferred 250K SOL ($13.54M) & 3.99M USDT to Binance & Wintermute within the last 8 hours on Solana.
— PeckShieldAlert (@PeckShieldAlert) November 14, 2023
These wallets are controlled by FTX’s restructuring team, which manages billions in assets. Market analysts speculate that such transfers often precede large-scale sell-offs on public markets.
SOL Price Reaction and Market Trends
- 24-hour drop: 6.7% (worst among top 10 cryptocurrencies)
- 30-day gain: 151.6%
- Year-to-date surge: 430%
👉 Explore real-time SOL price trends
FTX’s Ongoing Impact on Solana
Last week, FTX-linked wallets moved $30M in SOL** to Binance and Kraken, briefly causing a 5% price dip before recovery. Observers note that SOL’s recent rally was partly fueled by the restructuring team staking **$120M+ in SOL last month, alleviating sell-off fears.
Key Factors Driving SOL Volatility
- FTX liquidation pressures
- Market sentiment shifts
- Staking activity adjustments
FAQ: Solana and FTX Transfers
Q: Why does FTX’s SOL movement affect prices?
A: Large transfers to exchanges often signal impending sales, increasing market supply and downward pressure.
Q: Is SOL’s long-term outlook still positive?
A: Despite short-term volatility, SOL’s tech adoption and staking mechanisms support resilience.
Q: How can traders monitor FTX-related transfers?
A: Tools like PeckShield and Etherscan track labeled wallet activity.
👉 Stay updated on SOL market dynamics
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Investors should conduct independent research before making decisions.
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