Alameda Unlocks $23 Million in Solana Tokens

Today, Alameda Research has unlocked approximately $23 million worth of Solana tokens. Interestingly, this significant unlock barely influenced SOL's price or demand dynamics.

The reimbursement process for FTX has commenced, revealing that the company unlocked $1.57 billion in SOL. In this context, Alameda's comparatively modest unlock occurs amidst bearish market conditions that are substantially affecting overall demand.

How Will Alameda Utilize Its Unstaked Solana Tokens?

Data from Arkham Intelligence indicates that Alameda Research has distributed the unstaked SOL across 38 addresses linked to FTX. This trading firm was notably connected to the FTX collapse, which was led by Caroline Ellison.

“Alameda has just unstaked $23 million SOL to 38 new addresses. An initial staking address received $22.9 million SOL from an unlock and has since transferred these funds to 37 addresses previously associated with this address, which collectively hold $178.82 million SOL,” Arkham stated on social media.

Since the downturn of FTX, Alameda has frequently distributed significant asset amounts. For instance, Alameda's bankruptcy-related addresses staked $10 million in MATIC tokens late last year and moved Ethereum assets valued at $14.75 million earlier this year.

However, these actions resulted in notable price variations in the respective cryptocurrencies.

In contrast, Solana’s price remains largely unchanged following these developments. On the same day, the SEC delayed several applications for Solana-based ETFs, leading to a slight bearish effect on the altcoin's price.

While Ethereum surged 10% following Alameda's movement of $14.75 million in assets, today’s larger transfer of SOL did not produce a similar response. Although Solana experienced minor fluctuations, they occurred prior to the news of the Alameda unlock.

Currently, it remains unclear how Alameda plans to leverage these unlocked Solana tokens. Recently, FTX initiated the first phase of creditor repayments; however, this will be a protracted process. Earlier this month, FTX also unlocked roughly $1.57 billion in Solana tokens.

This suggests that Alameda might intend to incorporate these assets as part of the FTX repayment efforts, though it is uncertain if this will have a meaningful effect on Solana's demand.

The cryptocurrency market is presently characterized by a climate of extreme fear, with a majority of prominent assets experiencing substantial outflows. In this context, Alameda's actions represent just a small fraction of a much larger scenario.