Blockchain analytics platform Arkham Intelligence reported on March 12 that Alameda Research unstaked 197,637 SOL, worth approximately $17 million, and sent the funds to a wallet linked to the FTX bankruptcy estate. The move is part of a routine monthly distribution process that began after FTX's collapse in late 2022, allowing administrators to gradually repay creditors using digital assets held by Alameda.
Alameda's Remaining Holdings: 3.75M SOL Still in Play
Alameda Research, a crypto trading firm and early large investor in Solana, was closely tied to FTX. Following the exchange's bankruptcy, its assets were placed under court supervision. On-chain data shows Alameda still holds approximately 3.75 million SOL, valued near $321 million, out of a total on-chain portfolio of $405–$410 million. This makes it one of the largest remaining holders of the token.
Price Impact Likely Limited
At the time of the unstaking, SOL was trading near $86.80 (up 2.8%), with a market cap close to $49.5 billion and daily trading volume above $4 billion. The unstaked amount represents only about 0.035% of Solana's circulating supply and less than 0.5% of daily volume, suggesting the market can absorb the new supply without major disruption. Previous monthly distributions ranging from $15M to $35M have occasionally led to short-term dips of 2–5%, but rarely caused lasting damage.
Long-Term Overhang Remains
While this event is relatively small, Alameda's remaining $321 million SOL reserve continues to act as a slow supply overhang. The tokens are expected to enter the market gradually through the bankruptcy process rather than through a single large sale. For now, the latest SOL unstaking is viewed as routine bankruptcy mechanics rather than a surprise market shock. SOL's price will likely remain more influenced by broader crypto sentiment and ecosystem growth than by these scheduled distributions.
This article is for informational purposes only and does not constitute financial or investment advice.