- An Alameda-linked wallet transferred 93,150 SOL worth $7.5 million to Coinbase.
- The transfer followed the unstaking of 204,044 SOL worth around $16.9 million.
- The Coinbase deposit has raised selling concerns, but no actual SOL sale is confirmed.
A wallet linked to Alameda Research has moved $7.5 million worth of Solana tokens into Coinbase. The move comes a day after related wallets unstaked more than 204,000 SOL. This has raised questions about whether the FTX estate is preparing to sell more tokens or simply moving assets between accounts. But the Coinbase deposit alone is not enough to confirm that a sale has already taken place.
Alameda Wallet Moves $7.5M SOL After Major Unstaking Activity
According to the latest data revealed by Onchain Lens, a wallet connected to Alameda Research transferred 93,150 SOL, worth around $7.5 million, to crypto exchange Coinbase. The move follows the platform’s unstaking of 204,044 SOL, valued at around $16.9 million.
The previous transaction involved an account under BitGo custody. The account unstaked the tokens and sent them to a wallet identified as possibly linked to FTX and Alameda. The movement has gained attention as the assets had remained in staking before being transferred. But till now, the transaction has not been confirmed as part of a potential sale.
Does the Coinbase Transfer Signal Another FTX Estate Sale?
It is important to note that It is worth noting that Alameda and FTX wallets are known to previously transfer SOL after unstaking events on a large scale. It was stated that some transactions were related to off-the-counter trading and creditor distribution deals.
In this regard, it should be noted that the FTX estate has been working with its remaining crypto assets during bankruptcy proceedings and creditor repayment processes. This way, any large-scale transaction from these wallets may be significant for monitoring, even though it does not necessarily mean preparation for sale.
The latest transfer of 93,150 SOL to Coinbase can become another factor of speculation regarding plans of the FTX estate concerning remaining crypto assets. However, there is no information that the token was sold by the estate or that the transfer is somehow connected to the liquidation plans of the FTX estate.
Nevertheless, it is worth mentioning that the recent transaction may also be regarded as a usual transaction. As Coinbase provides institutional custody solutions, it does not necessarily mean that the tokens will be sold right away. For further confirmation, more wallet transactions and trading execution should be provided. Until then, the transfer remains a movement of funds rather than proof of liquidation.
Why the Move Matters
Significantly, the latest movement has drawn significant attention, especially due to the FTX estate’s large crypto holdings and ongoing asset management activities. Solana is among the notable assets involved in previous wallet movements. These transactions have often raised questions about potential sales, especially when large amounts of SOL are unstaked and transferred to exchanges.
At the same time, it is important to note that not every transfer indicates selling pressure. Some transactions could also be connected to creditor repayments, custody arrangements, or the distribution of assets.
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The latest Solana transactions come amid the recent crypto market crash. This adds to concerns about selling pressure across the market. Large transfers from wallets linked to major crypto firms often attract attention, especially during periods of high volatility. As of press time, SOL is valued at $79.72, with about a 4% decline in a day. The token has also faced significant drops of 15% and 25% in a week and a month, respectively.
If the FTX estate sells a significant amount of SOL, it could add further pressure to the token’s price. However, there is no confirmed sale linked to the latest Coinbase deposit. Investors will likely watch for further wallet movements to understand whether the transfer leads to actual selling activity.
Related: Bitcoin Price Crashes Below $70K as $797M in Liquidations Hit Market
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