Cryptocurrency

Solana

Spot

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 <p class="paragraph">Sam Bankman-Fried, the founder of FTX and Alameda Research, was found guilty of seven counts of fraud and conspiracy after 15 days of testimony. Meanwhile, crypto wallet addresses owned by these companies have dumped <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>s of dollars in cryptocurrencies in the past 10 days.</p>
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 <p class="paragraph">Particularly affecting Solana (SOL), FTX and Alameda’s known addresses have deposited a total of 2.69 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> SOL ($99.2 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>) to cryptocurrency exchanges since October 24.</p>
 <p class="paragraph">The most recent three deposits registered by <em>Spot On Chain</em> summed up to 800,000 SOL ($32.7 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>) sent to Binance and Kraken on November 2. FTX made these deposits at an average price of $40.9 per token.</p>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="828" height="278" src="https://cdn.thebittimes.com/images/2023/11/03/2af0600686d0bd6fa88bb5710ae3a198.webp" alt="FTX cold storage deposits 800,000 SOL to Binance and Kraken" class="wp-image-135473" srcset="https://cdn.thebittimes.com/images/2023/11/03/2af0600686d0bd6fa88bb5710ae3a198.webp 828w, https://cdn.thebittimes.com/images/2023/11/03/2af0600686d0bd6fa88bb5710ae3a198.webp 300w, https://cdn.thebittimes.com/images/2023/11/03/2af0600686d0bd6fa88bb5710ae3a198.webp 768w" sizes="(max-width: 828px) 100vw, 828px">
  <figcaption class="wp-element-caption">
   FTX cold storage deposits 800,000 SOL to Binance and Kraken. Source: <em>SpotOnChain</em>
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 <p class="paragraph">Notably, both companies still hold 4.26 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> SOL ($164 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>), of which 3.96 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> tokens ($152 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>) are under staking. Despite being momentarily illiquid on Solana’s protocol, the staked amount could be redeemed at any time. This would create another sell-off threat that might impact SOL’s price in the short term.</p>
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 <p class="paragraph">It is estimated that FTX and Alameda Research have <a rel="noopener noreferrer nofollow" title="liquidated" href="https://thebittimes.com/tag/liquidated.html">liquidated</a> more than $200 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> in crypto assets in the past 10 days.</p>
 <h2 class="wp-block-heading" id="h-sol-price-analysis">SOL price analysis</h2>
 <p class="paragraph">Meanwhile, Solana’s spot and derivatives volume have surged in the last few days during a bull rally for the layer-1 web3 blockchain. Interestingly, SOL has consistently been among the best performers in the crypto market in different time frames.</p>
 <p class="paragraph">At the time of publication, SOL was trading at $38.89 with massive daily losses superior to 12%. The market expects more liquidations from FTX and Alameda, with Sam being pled guilty.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/11/03/10a112cba6c90e30760f340b318739f9.webp" alt="SOL 1-month price chart" class="wp-image-135474" srcset="https://cdn.thebittimes.com/images/2023/11/03/10a112cba6c90e30760f340b318739f9.webp 1024w, https://cdn.thebittimes.com/images/2023/11/03/10a112cba6c90e30760f340b318739f9.webp 300w, https://cdn.thebittimes.com/images/2023/11/03/10a112cba6c90e30760f340b318739f9.webp 768w, https://cdn.thebittimes.com/images/2023/11/03/10a112cba6c90e30760f340b318739f9.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   SOL 1-month price chart. Source: Finbold
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 <p class="paragraph">Nevertheless, Solana is up 19% and 66% in the last seven and 30 days, respectively. Showing strength despite the sell-offs with continuous development and positive news for its ecosystem, which generates demand for the native token SOL.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-liquidated-100-million-sol-in-10-days-but-there-is-more-to-go-tbt68954.html">https://thebittimes.com/ftx-liquidated-100-million-sol-in-10-days-but-there-is-more-to-go-tbt68954.html</a></p>

FTX liquidated $100 million SOL in 10 days, but there is more to go

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