FTX Transferred $316 Million in Digital Assets, according to blockchain data. The transfers are part of the exchange’s bankruptcy proceedings and are part of its process of selling digital assets, including Solana (SOL) and Ethereum (ETH) tokens.
FTX completed transfers worth over $60 million between November 7 and 8, adding to the pressure on a market already influenced by expectations of a Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC).
UPDATE:#FTX transferred ~$39.7M assets today, including:
750K $SOL($32M)
325,301 $ENS($2.76M)
10.1M $GMT($2.2M)
642,702 $LDO($1.26M)
288,212 $APE($410K)
127,418 $BADGER($365K)
555,342 $BNT($323K)
52 $PAXG($100K)As of Nov 8, #FTX has transferred ~$316M assets.… pic.twitter.com/XeSAseMBR0
— Lookonchain (@lookonchain) November 8, 2023
An analysis of the transfers reveals that Solana (SOL) represents more than half of the total value of the assets transferred.
As of the date of the analysis, the company had transferred around 4.8 million SOL tokens, equivalent to $187 million.
These transfers could put additional pressure on the price of SOL, which has recently experienced a rally.
However, the value of SOL is showing resilience, trading above $42,80. In the past 24 hours, it has even experienced a 1.82% increase, reaching $43.75, according to data from CoinMarketCap.
This growth has been a consistent trend throughout the year, with an increase of more than 330% since the beginning of 2023 and reaching an annual high of $46.
All FTX Transfers
It is important to note that SOL is the most important asset on FTX’s balance sheet, with a value of over $1 billion.
In addition to the Solana transfers, FTX also made significant moves of other digital assets.
These include around $32 million in Ethereum (ETH), $14.3 million in Polygon (MATIC), and $4.46 million in the Lido (LDO) token.
In addition, $4 million in Maker, $3.1 million in Sushi, and $1.6 million in Aave tokens were transferred, among others.
These transfers are intended to compensate FTX customers and investors who suffered losses due to the market crash last year.
The exchange recently made the decision to sell assets worth $744 million that it held in Trust funds held at Grayscale and Bitwise.
