Alameda Research Unstakes $23M in Solana, But Why Isn’t the Market Reacting?

Alameda Research has unstaked $23 million worth of Solana (SOL) and distributed it across 38 addresses linked to FTX. On-chain data from Arkham Intelligence shows that these addresses, which have previously sent SOL to major exchanges like Coinbase and Binance, now hold about $178.82 million in SOL. Despite this large movement of funds, Solana’s price has remained largely unchanged.

Here’s a deep dive.

FTX and Alameda’s Staking History

Since the collapse of FTX, Alameda Research has been moving large amounts of cryptocurrency. Since November 2023, FTX and Alameda have transferred 7.845 million SOL—worth over $1 billion—to exchanges. Even after this latest unstaking, their staking address still holds around 5.5 million SOL, valued at $693.8 million.

In addition to these transfers, the broader FTX reimbursement process has released $1.57 billion worth of Solana tokens, adding more supply to the market.

Why Didn’t Solana’s Price Move?

In the past, Alameda’s transactions have often triggered price swings. For example, staking $10 million in MATIC or moving $14.75 million in Ethereum led to noticeable market reactions. However, this $23 million SOL unlock has had little effect.

Unlike previous transactions, Solana’s price barely moved after the funds were unstaked. Instead, any minor fluctuations happened before the transfer, likely due to other market factors. By comparison, Ethereum saw a 10% price jump earlier this year when Alameda transferred a much smaller amount—$14.75 million in ETH.

Solana ETF Delays

One reason for the lack of impact could be the broader bearish sentiment in the crypto market. The SEC recently delayed decisions on multiple Solana ETF applications, creating more uncertainty for investors. At the same time, market conditions remain weak, with Extreme Fear and outflows from major cryptocurrencies.

What’s Next for Alameda’s Unstaked SOL?

Alameda has not yet revealed how it plans to use the unstaked Solana tokens. A likely scenario is that the funds will go toward FTX creditor repayments, a process that started last month and is expected to take time. However, given the scale of FTX’s outstanding debts, even large token unlocks may not have a major impact on Solana’s supply and demand.

For now, Alameda’s latest move is another development in the ongoing FTX saga. With billions of dollars in SOL still in play, the market will be watching closely for what happens next.