On-chain data shows that FTX has recently transferred approximately US$316 million in digital assets to various cryptocurrency exchanges.
Over the past few weeks, the cryptocurrency exchange has quickly divested some of its crypto assets, including assets such as Solana (SOL) and Ethereum (ETH), as part of bankruptcy proceedings.
Against this backdrop, FTX conducted more than $60 million worth of cryptocurrency transfers between November 7 and 8, according to details from Lookonchain.
renew:#FTX Approximately $39.7 million in assets were transferred today, including:
750K $SOL($32 million)
325,301 $ENS($2.76 million)
10.1M $GMT($2.2 million)
642,702 $LDO($1.26 million)
288,212 $APE($410,000)
127,418 $badger($365,000)
555,342 $BNT($323,000)
52 $PAXG(100,000)As of November 8, #FTX Approximately US$316 million in assets have been transferred. … pic.twitter.com/XeSaseMBR0
— Lookonchain (@lookonchain) November 8, 2023
The trades added to selling pressure in the market amid optimism over the possibility of the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin ETF.
Solana dominates FTX trend
Lookonchain’s analysis of FTX transfers shows that Solana (SOL) accounts for more than half of the exchange’s transfers.
As of November 8, the bankrupt exchange had transferred 4.8 million SOL tokens, equivalent to $187 million.
These transactions are likely to further increase selling pressure on the coin, which has seen some recent resurgence. However, the price of SOL remains stable, trading above $40.
It even rose 2.82% in the past 24 hours to reach $43.18. This positive trend has been a topic of interest all year, with SOL up more than 330% since the beginning of the year, recently reaching a yearly peak of $46.
SOL is the most important asset on FTX’s balance sheet, valued at over $1 billion.
Other assets are transferred
In addition to Solana transactions, FTX has also conducted significant transfers of other digital assets. These transfers included approximately $32 million in ETH, $14.3 million in Polygon’s MATIC, and $4.46 million in Lido’s LDO.
FTX also transferred $4 million in Maker, $3.1 million in Sushi, and $1.6 million in Aave tokens, among others. The transactions are intended to compensate FTX customers and investors who suffered losses due to last year’s bankruptcy. The exchange recently sold $744 million worth of trust assets held by Grayscale and Bitwise.
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Itadori
According to Cryptoslate
