CMC News

$SOL Estate Redeems $45M From #Staking Positions

FTX and Alameda's bankruptcy estate withdrew another 192,000 $SOL tokens worth approximately $44.9 million from staking positions on Thursday. The move continues the monthly #liquidation pattern that has characterized the entities' asset disposal process since November 2023.

EmberCN's on-chain analysis reveals the estate has now redeemed 8.98 million $SOL tokens valued at roughly $1.2 billion, at an average price of $134. Despite these regular withdrawals, significant holdings remain staked on the network.

The estate's staking address still controls approximately 4.18 million $SOL tokens, currently worth around $977 million. #Solana price responded positively to market conditions, climbing 4.3% to trade at $234.27 on Thursday evening.

Weekly performance shows $SOL gaining 14.4% as broader crypto markets recover from recent volatility. The consistent monthly redemption schedule has become a predictable element in $SOL's market dynamics.

FTX prepares for its next creditor distribution scheduled Sept. 30, though payout amounts remain undisclosed. The collapsed exchange has already returned approximately $6.2 billion through previous distributions in February and May.

The estate's methodical approach to #liquidation continues as bankruptcy proceedings advance toward resolution. Market participants have grown accustomed to these regular $SOL releases without significant price disruption.

#Solana's network fundamentals remain strong despite ongoing selling pressure from the estate's systematic token releases throughout the extended liquidation timeline.