Solana

Bitcoin

Finally, after weeks of auctions the <a href="https://news.todayq.com/ftx-bankruptcy-plan-faces-opposition-creditors-set-to-reject-offer/" rel="noopener noreferrer nofollow">bankrupt crypto exchang</a>e FTX had concluded the sales of $2.6 billion of deeply discounted Solana (SOL) tokens. The Figure Markets and Pantera Capital turned out to be among the latest buyers. However, SOL price saw an uptick in the last 24 hours. Solana stood strong 
According to reports, Figure Markets paid approximately $80 million for a block of 800k Solana tokens. This will be equivalent to roughly $102 worth per token which is a big discount from the market price. This move led to a 4% drop in SOL’s price, which fell to about $169 on the last day. However, Pantera Capital also joined in the latest auction. The firm did not disclose the price it paid for the tokens.&nbsp;
Solana is price is up by 2% in the last 24 hours despite recent auction news. SOL is still up by 66% on the year to date (YTD) basis. It is trading at an average price of $169.31, at the press time. Its 24 hour trading volume is still down by 56% to stand at $2.5 billion. It is still the 6th biggest crypto with a market cap op $76 billion.
The sales of Solana tokens have been a contentious issue in FTX’s bankruptcy proceedings. FTX creditors are set to be paid back in full, plus interest, but they will not get back their crypto holdings. This has caused dissatisfaction among those hoping to benefit from the recent crypto bull run that saw Bitcoin reach record highs in March. What’s next? 
Earlier in May, FTX announced that its estate would have as much as $16.3 billion to distribute. It owes more than two million customers and other non-governmental creditors about $11 billion. Pantera Capital had previously sought to raise $250 million to purchase Solana tokens from FTX. It had emerged as a winning bidder in a previous auction in April.
Solana has been one of the most volatile tokens in the digital currency ecosystem. At present, Solana’s price has dropped by 2% in the last 7 days. Despite the price swings, Solana’s Open Interest (OI) data paints a bullish picture. According to Coinalyze, Solana’s OI stands at $2 billion, up 2.37% in the past 24 hours, indicating bullish sentiment from the derivatives market.

FTX’s $2.6B Solana fire sale, Who scooped up discounted SOLs?

Todayq News

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