FTX and Alameda Research are continuing their liquidation of Solana assets, having redeemed 192,000 SOL worth approximately $45 million. These actions are part of an asset liquidation strategy that started in November 2023.
FTX and Alameda Asset Liquidation Strategy
According to EmberCN, FTX and Alameda have unstaked 192,000 SOL, equivalent to about $44.9 million. Since the start of the liquidation in November 2023, approximately 8.98 million SOL has been redeemed, valued at around $1.2 billion at an average price of $134. A significant amount of Solana remains under their control, indicating the ongoing unwinding of their assets.
Market Impact and Solana Price Resilience
Despite the liquidations, Solana's price did not decline; rather, it increased by 4.3% in the past 24 hours, reaching $234.27. This growth indicates a 14.4% rise over the past week, reflecting positive investor sentiment despite risks associated with liquidation. It suggests that the market may be pricing in the scheduled sales.
Continued Efforts by FTX for Repayment
The asset liquidations are part of FTX's strategy to repay creditors following its collapse in November 2022. To date, FTX has returned about $6.2 billion across two prior distributions. The next round of repayments is expected on September 30, but the specific size of this payout remains undisclosed. By maintaining a steady pace of liquidation, FTX aims to maximize recovery value for creditors.
The $45 million redemption underscores the complexity of FTX's restructuring process. While the market shows resilience, questions remain about how it will absorb additional supply in the future ahead of the upcoming payout.
