FTX Owners Continue to Move Millions in SOL to Exchanges Amidst Cryptocurrency Surge
Date: 2023-11-14 Author: Dima Zakharov Categories: BUSINESS
SOL Movements: FTX-Linked Wallets in Action
Several wallets linked to the defunct FTX cryptocurrency exchange have witnessed activity as their owners move 250,000 SOL, equivalent to slightly over $13.5 million, and an additional $4 million in USDT to the Binance cryptocurrency exchange and trading firm Wintermute. These wallets are controlled by a group of creditors responsible for FTX's bankruptcy proceedings, and these transactions might indicate a subsequent sale of crypto assets on the open market.
It's worth noting that SOL's value has dropped by 5.6% in the past 24 hours. As of 11:30 Moscow time on November 14, 2023, SOL was trading at $55.33, with a market capitalization of $23.37 billion. This positions SOL back in 7th place in the ranking, trailing behind the stablecoin USDC.
FTX owners have previously executed SOL transactions, sending around $30 million worth of cryptocurrency to the Binance and Kraken trading platforms a few days ago. These transfers initially led to a 5% decrease in Solana's quotes, but the prices later recovered and continued to rise.
The surge in SOL's value has been approximately 455% since the beginning of the current year, driven by long-term optimism about blockchain technology and its popularity within the cryptocurrency community.
Some speculate that the increased interest is linked to a group of FTX creditors staking SOL worth over $120 million in October of this year. This move significantly reduced fear levels and alleviated concerns about potential mass sell-offs of the asset.
