FTX Receives $40M in Solana Amid High-Stakes Liquidation

- $40 million in Solana (SOL) tokens received by FTX from Coinbase Prime on June 16, 2025 (UTC). - Transfer follows $31 million SOL sale earlier in the week amid ongoing liquidation. On June 16, Cryptopolitan reported that the bankrupt exchange FTX received another substantial transfer, which amounted to $40 million in Solana (SOL) tokens from Coinbase Prime. This event occurred just days after FTX sold more than $31 million in SOL tokens on June 13, 2025, and FTX is undertaking these transactions to liquidate its SOL holdings and compensate creditors. FTX wallets reportedly received nearly $40 million in SOL following the latest unlock. Sunil Kavuri, who is involved in the creditor compensation process, indicated that FTX would likely continue to liquidate crypto assets for disbursements. On June 16, Sunil Kavuri stated on X (formerly Twitter) that FTX withdrew $40 million worth of Solana to its hot and cold wallets. FTX had previously staked these tokens on Coinbase, and this withdrawal suggests FTX will likely sell these tokens soon. FTX had used Coinbase Prime to store SOL and earn staking rewards, and its SOL portfolio once held a value as high as $10 billion. However, the company has already liquidated a significant portion at a substantial discount, reportedly around 70%. FTX reportedly completed most of its SOL sales in 2024, and its remaining reserves are now relatively small. Consequently, FTX has conducted some sales on the over-the-counter (OTC) market, an approach that helps avoid directly impacting exchange prices. Past SOL sales by FTX have coincided with notable price dips. For example, the recent $31.5 million sale on June 13 led to an 8% drop in Solana's price, although the price later recovered some of those losses. Despite this selling pressure, FTX has already completed some of its largest repayments, including over $5 billion in cash for May's repayments. The Solana ecosystem has demonstrated resilience in absorbing the selling pressure from various large holders. While previous FTX sales occurred at lower prices, such as $21, $69, and $73, recent sales have happened at higher price points. Galaxy Digital is the liquidator selling SOL for creditor compensation, and despite differing perspectives on whether these unlocks are bullish for SOL, Galaxy Digital aims to achieve higher market prices for the token. As of June 16 (UTC), SOL traded at $157.41 following the recent unlocks. Despite the FTX situation and ongoing ETF applications, SOL has remained range-bound; however, it remains significant for staking, liquid staking, trading, and meme token activity, maintaining high open interest. While major unlocks, such as 11.16 million SOL in March 2025, have already occurred, observers anticipate smaller unlocks in the coming months. Furthermore, some analysts hold a bullish outlook for SOL, citing technical chart patterns and potential price targets. According to CoinMarketCap on June 16, at 19:17 UTC, Solana (SOL) traded at $158.43, and its 24-hour trading volume showed a 3.548% change.