FTX SOL Staking Withdrawals Total $28M, Eyeing Coinbase & Binance

Key Points:

• FTX SOL staking withdrawals reached 178,631 SOL (US$28M), with funds likely headed to Coinbase or Binance, continuing monthly high-frequency patterns.
• As of now, 7.09M SOL (US$1.1B) remains staked, with ongoing FTX SOL staking withdrawals hinting at liquidity shifts towards major exchanges like Binance and Coinbase.

FTX SOL staking withdrawals continue with 178,631 SOL (US$28M) redeemed today, with funds likely flowing to Coinbase or Binance. Total staked SOL remains at 7.09M.

FTX SOL Staking Withdrawals: A Recurring Pattern

The staking wallet of FTX/Alameda redeemed 178,631 SOL worth $28 million today, continuing the pattern of withdrawals that have occurred between the 12th and 15th of every month. The majority of these tokens should head to major exchanges like Coinbase or Binance, which will spur further speculation concerning liquidity management.

In this wallet, there had been a gradual draining of SOL through small, frequent transactions to strategize in the markets. Currently, the address maintains a balance of 7.09 million SOL staked, which is approximately $1.107 billion, according to EmberCN.

Read more: Former FTX Exec Ryan Salame Begins 7.5-Year Prison Term

Impact of FTX SOL Withdrawals on Market Liquidity

It is to be noted that with 7.09 million SOL remaining stake, the mass wallet drain from FTX/Alameda would point toward possible movements that will be made to affect market supply. Frequent transactions are indicative of planned liquidity shifts toward centralized exchanges.

These transfers have been under the high surveillance of observers because they can affect the price and trading volume of SOL. As these events were taking place, questions lingered on how the remaining assets from FTX were being managed as the firm continued a very slow restructuring process.