As the crypto market rebounds, FTX has once again un-staked 31 million SOL. Is selling pressure about to arrive?

FTX unstakes $31 million worth of SOL

According to monitoring by Lookonchain, FTX recently released approximately 189,851 SOL, valued at about 31 million USD. This significant operation occurred against the backdrop of a gradually improving cryptocurrency market, with institutional investors showing strong interest and considering incorporating Solana into their ecosystem.

Although FTX has previously released large-scale SOL stakes multiple times, the timing of this operation has attracted widespread attention in the market. Market commentators have pointed out: "If these SOL enter the market, it could bring more uncertainty," and even in the case of high market optimism, investors still maintain a cautious attitude.

Market Reaction: Routine Operation or Short-Term Risk?

Some market observers view FTX's recent SOL unstaking as a routine operation, noting that FTX has been continuously releasing similar amounts of SOL over the past few months. With institutional demand remaining strong, many believe that this additional supply will be absorbed by the market and will not cause significant disruption to the price.

On the other hand, some analysts believe that this move could have a positive impact on the market, suggesting that FTX may use the unlocked SOL for other significant investments or to make opportunistic purchases in the market.

The resilience of the Solana network and market prospects

It is worth noting that Solana's network has become more resilient and powerful over the past few months. It now processes over $30 billion in transactions daily, and despite experiencing large liquidation events, it has not hindered its long-term growth. From this perspective, the $31 million SOL unlocked by FTX seems insignificant compared to the overall scale of the network.

The potential impact of the FTX debt repayment plan on Solana's price

The recent un-staking operation by FTX is also related to its bankruptcy proceedings, as FTX is distributing approximately $5 billion in assets. Most creditors, about 82%, are from China. Since China has banned cryptocurrency trading, these users may face difficulties in receiving their repayments.

Past events have shown that FTX's preparation process for debt repayment can sometimes affect the price of SOL. Earlier this year, FTX released $236 million worth of SOL for its debt repayment preparation of several billion dollars, which led to a brief drop in price. Although the $31 million released this time is much smaller than the previous scale, it still raised market concerns about short-term selling risks.

Market Trend: Institutional Holdings and SOL Price Fluctuations

The impact of all this will depend on the upcoming market trends. If institutions and large holders choose to hold the unlocked SOL instead of selling it immediately, market fluctuations may be smaller. However, if a large amount of SOL is sold off quickly, it could lead to greater instability in the price of Solana during this bull market.