FTX Continues to Offload Solana and Other Assets: How Much SOL Remains on the Exchange?

On-chain analytics firm Spot On Chain has detected large transfers of SOL and other tokens from FTX to centralized exchanges amid its ongoing liquidity crisis.

• 250,000 SOL worth $10.83 million sent to Binance
• $38.5 million worth of SOL, ENS, GMT, LDO, APE, BADGER, and BNT sent to exchanges

This continues a trend of FTX liquidating holdings into more liquid assets, likely to meet withdrawal demands.

On November 7, FTX moved:

• 750,000 SOL – $31.2 million
• 325,501 ENS – $2.76 million
• 10.1 million GMT – $2.22 million
• 642,702 LDO – $1.26 million
• 288,211 APE – $410,000
• 127,407 BADGER – $365,000
• 555,342 BNT – $323,000

Yesterday, FTX sent another 250,000 SOL worth $10.83 million to Binance.

So far, FTX has deposited 5.74 million SOL (approximately $223 million) to various exchanges. Their remaining SOL balance sits at just 1.25 million tokens ($54.5 million).

The large-scale liquidation of FTX’s treasury assets indicates a desperate need for liquidity as users flee the exchange.

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Binance dipping into its own reserves to facilitate customer withdrawals has also raised liquidity concerns. However, Spot On Chain notes Binance still holds over 3 million BTC, suggesting a still-robust position.

Overall, the rapid outflows and asset movements paint a bleak picture of solvency challenges at FTX. The coming days will shed more light on whether a liquidity crunch morphs into a full collapse.