The crypto market is trading in the green today following Bitcoin’s record-breaking surge past $118K. Major altcoins like Ethereum, XRP, and Solana have also rallied, gaining 5–8%. Amid the broader market upswing, FTX has unstaked a large amount of SOL today.
Data from Lookonchain shows that FTX staked 189,851 SOL, worth $30.94 million today. This has raised questions over whether this could bring in selling pressure for the token in the current bull run. Although this is not unusual, but with the upswing in the market, some say that it could shake the confidence in SOL, just when the optimism is returning.
FTX has been gradually unstaking Solana as part of its bankruptcy liquidation to repay its creditors. On March 4, 2025, it had unlocked 3.03 million SOL worth $431 million. Further, it continued unstaking, which kept adding selling pressure to the market. On May 12, it unstaked 187,625 SOL worth over $32 million. On June 13, it unstaked 188,000 SOL.
However, Solana remains unfazed and is currently trading at $164.71, up 4.5% in the last 24 hours. With rising institutional interest in Solana, many believe the market can easily absorb the extra supply. With growing activity, a booming ecosystem, and more money flowing in, analysts believe that $180 is just the start, and a return to all-time highs could be near.
Solana continues to lead the pack, pulling in $271 million in Q2 2025 revenue, which was more than Ethereum, Tron, and others, marking its third straight quarter at the top. This surge was driven by booming activity in DeFi, NFTs, and apps on the network.
Besides, Solana also matched the monthly active users of all other L1 and L2 chains combined in June, which shows its growing dominance and developer momentum in the blockchain space.
Solana is also getting major backing from big players. BIT Mining is shifting its focus to Solana, aiming to build a $200–300 million SOL treasury and run validator nodes. Meanwhile, DeFi Development Corp boosted its SOL holdings to 846,630 SOL worth $133 million, now the largest among public companies.
With growing use, big partnerships, and talk of a spot ETF, Solana’s future looks strong.
Yes, FTX’s bankruptcy estate still holds and is gradually unstaking significant amounts of SOL as part of its liquidation process to repay creditors.
FTX originally held a substantial amount of Solana. Court filings in September 2023 indicated FTX’s liquid crypto portfolio included $1.16 billion worth of SOL tokens.
Solana survived by relying on its core strengths like speed and low fees. Independent builders developed new projects, diversifying the ecosystem away from FTX’s influence and reigniting user interest.
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