FTX Addresses Send $21M Worth of SOL to Exchanges: Solana Price Rally in Danger?

The crypto wallets associated with the now-defunct crypto exchange FTX and its sister trading firm, Alameda Research, persist in diversifying their investments across various altcoins on numerous crypto exchanges.

According to Spot On Chain data, FTX and Alameda’s addresses recently transferred nine assets amounting to $46 million to Kraken, Binance, and Coinbase once again.

FTX and Alameda’s Massive Transfers

Earlier today, FTX deposited $46 million worth of assets to Kraken, Binance, and Coinbase. Among these assets are 500K SOL ($21.6m), 14 million MATIC ($9.3M), 2,784 ETH ($5.15M), 810K MASK ($2.51M), 2.1 million SUSHI ($2.37M), 7.67 million BAT (1.64M), 71.6 million GALA ($1.4M), 650K LDO ($1.22M), and 4.47 million C98 ($842K).

[Updated] #FTX and #Alameda Research transferred out $46M worth of 9 assets to #Kraken, #Binance & #Coinbase in the past 7 hours.

500K $SOL ($21.6M)
14M $MATIC ($9.3M)
2,784 $ETH ($5.15M)
810K $MASK ($2.51M)
2.1M $SUSHI ($2.37M)
7.67M $BAT ($1.64M)
71.6M $GALA ($1.4M)
650K… https://t.co/oMUhpyJsRE pic.twitter.com/FD3LdYoACl

— Spot On Chain (@spotonchain) November 2, 2023

Since October 26, FTX and Alameda have conducted transfers totaling around $170 million across 30 different assets.

Notably, FTX-labeled addresses directed $1 million worth of COMP and YFI to Coinbase Prime.

Yesterday, addresses linked to FTX and Alameda initiated transfers of $13.6 million to both Binance and Coinbase. Furthermore, FTX deposited $8.12 million worth of three assets into Coinbase. That included $4.85 million worth of 46.5 million GRT, $2.3 million worth of 972,073 RNDR, and $967,000 worth of 708.1 MKR.

Following this, within three hours, additional deposits totaling $5.49 million were made. The top three assets in this round were 1.14 million DYDX worth $2.64 million, $1.05 million worth 192,888 AXS, and $522,000 worth of 5,858 AAVE.

A court ruling granted FTX the authority to sell, stake, and implement risk-mitigation measures for their assets last year in September. That resulted in FTX gaining control over approximately $3.4 billion, leading to these substantial money transfers.

What’s Behind the Moves?

This recent sequence of transfers is part of a continuing trend rather than an isolated incident. On October 31, the investment fund transferred $19.5 million in assets, including GRT, MKR, and RNDR, directed towards Coinbase. A few days prior, FTX sent approximately $8.6 million worth of cryptocurrency assets to the same exchange.

Blockchain analytics firm Nansen also identified a series of asset transfers from the FTX estate to a Binance address. The on-chain data revealed that the transferred assets consisted of $2.2 million in Chainlink (LINK), $1 million in Aave (AAVE), $2 million in Maker (MKR), and $3.4 million in Ether (ETH), amounting to a total of $8.6 million. These assets originated from addresses linked to the troubled exchange FTX and its former sister company, Alameda Research.

The exact motivation behind these significant money transfers remains a subject of speculation. It is plausible that FTX and Alameda are either preparing to sell or are already liquidating some of their holdings.

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