Ethereum

Aave

Solana

Bitcoin

FTX recently transferred approximately $316 million in digital assets to various crypto exchanges, according to on-chain data.
Over the past several weeks, the beleaguered crypto exchange has been <a href="https://cryptoslate.com/bankrupt-ftx-moves-156m-worth-of-assets-including-ethereum-and-solana/" rel="noopener noreferrer nofollow">rapidly divesting</a> portions of its crypto holdings, including assets like <a href="https://cryptoslate.com/coins/solana/" rel="noopener noreferrer nofollow">Solana</a> (SOL) and <a href="https://cryptoslate.com/coins/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> (ETH), as part of its bankruptcy proceedings.
For context, FTX executed crypto transfers worth over $60 million between Nov. 7 and Nov. 8, according to insights from <a href="https://twitter.com/lookonchain/status/1722068242037166120?t=Vai8Ch3z45MMp_HSIhDzLA&amp;s=19" rel="noopener noreferrer nofollow">Lookonchain</a>.
These transactions have added to the selling pressure in a <a href="https://cryptoslate.com/market-turns-green-as-btc-climbs-past-35k-despite-weekend-lull/" rel="noopener noreferrer nofollow">market influenced by optimism</a> over the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
<h2 id="solana-dominates-ftx-transfers">Solana dominates FTX Transfers</h2>
An analysis of FTX transfers by Lookonchain revealed that Solana (SOL) accounts for more than half of the transfers made by the exchange.
As of Nov. 8, the distressed exchange has moved 4.8 million SOL tokens, equivalent to $187 million.
These transactions may likely exert additional selling pressure on the token that has seen a recent resurgence. However, SOL’s price has remained resilient, trading above $40.
In the last 24 hours, it has even seen a 5.22% increase, reaching $43.75, data from CryptoSlate showed. This positive trend has been a <a href="https://cryptoslate.com/solana-sol-token-value-grows-by-more-than-330-ytd-to-14-month-high/" rel="noopener noreferrer nofollow">consistent theme</a> throughout the year, with SOL gaining over 330% since the beginning of the year, recently hitting a yearly high of $46.
SOL is the most significant asset on FTX’s balance sheet, valued at over $1 billion.
<h2 id="other-assets-transferred">Other assets transferred</h2>
In addition to its Solana transactions, FTX has executed substantial transfers of other digital assets. These transfers encompassed approximately $32 million in <a href="https://cryptoslate.com/coins/ethereum/" rel="noopener noreferrer nofollow">ETH</a>, $14.3 million in Polygon’s <a href="https://cryptoslate.com/coins/polygon/" rel="noopener noreferrer nofollow">MATIC</a>, and $4.46 million in Lido’s <a href="https://cryptoslate.com/coins/lido-dao-token/" rel="noopener noreferrer nofollow">LDO</a>.
FTX also moved $4 million in <a href="https://cryptoslate.com/coins/maker/" rel="noopener noreferrer nofollow">Maker</a>, $3.1 million in <a href="https://cryptoslate.com/coins/sushiswap/" rel="noopener noreferrer nofollow">Sushi</a>, and $1.6 million in <a href="https://cryptoslate.com/coins/aave/" rel="noopener noreferrer nofollow">Aave</a> tokens, among others. These transactions are geared towards compensating FTX customers and investors who suffered losses from last year’s crash. The exchange recently <a href="https://cryptoslate.com/bankrupt-ftx-wants-to-liquidate-744-million-in-assets-from-grayscale-and-bitwise/" rel="noopener noreferrer nofollow">moved to sell</a> $744 million worth of its Trust assets held at Grayscale and Bitwise.
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/ftx-transfers-316-million-in-crypto-with-solana-leading-the-outflows/">FTX transfers $316 million in crypto, with Solana leading the outflows</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

FTX transfers $316 million in crypto, with Solana leading the outflows

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