250K SOL Moves To Exchanges From FTX Cold Storage, Solana Still Experiences 37.80% Surge

Bits Logics Team . 26th Oct 2023
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  • Lookonchain recently reported that the FTX Cold Storage #2 transferred 469,587 SOL out 7 hours ago.
  • FTX was permitted to sell off its crypto assets in weekly batches with its initial limit of $50 million for the first week and $100 million for the following weeks.
  • SOL’s weekly double-digit surge of 37.80% pushed the altcoin above the $31 mark.

Lookonchain, a market analytics platform, recently reported that the FTX Cold Storage #2 transferred 469,587 SOL out 7 hours ago. Among the 469,587 SOL, 250,000 SOL, valued approximately at $8.1 million, was transferred to exchanges. Reportedly, 170,000 SOL was transferred to Binance and $80,000 SOL was transferred to Coinbase.


Earlier, Lookonchain reported that FTX/Alameda also sold 974,270 $RNDR and 21,967 $COMP again, selling a total of $13.5M in crypto assets. The market analytics platform also revealed that FTX/Alameda held a total of $3.4 billion in crypto assets. 

FTX was permitted to sell off its crypto assets in weekly batches with its initial limit of $50 million for the first week and $100 million for the following weeks. When it comes to BTC and ETH, the report reveals that it can be sold after providing a 10-day notice to creditors’ committee, ad hoc committee, and the U.S. trustee—an official appointed by the United States Department of Justice.

Ideally, few traders may speculate that these major sell-offs on crypto assets could trigger bearish sentiment in the market. However, despite the crypto assets being sold, it should be noted that RNDR is still experiencing a surge of 4.94% in one day, while COMP observed a 4.19% spike, at the time of writing.

SOL/we USDT 7-day Chart (Source: CoinMarketCap)

The CoinMarketCap’s Fear and Greed Index is valued at 72, which is a new all-time high for this new year. The current bullish sentiment in the altcoin could have been caused by BTC trader’s highly optimistic expectations, making Bitcoin cross the $34,000 threshold.

Akin to many altcoins, SOL, Solana’s native token, also showcased an incredible 5.51% surge in one day. According to CoinMarketCap, SOL started the week at $23.7903 and at the reported time it was changing hands at $32.86. With its market capitalization valued at $13,721,452,893, SOL’s weekly double-digit surge of 37.80% pushed the altcoin above the $31 mark. 

The weekly performance of SOL highlights that the altcoin has been making gradual progress through its formation of higher highs. Furthermore, if the traders’ optimism still remains and the bullish trend continues to exist in the market, SOL’s sell-off could hardly affect the altcoin’s sentiment over the weeks. In fact, traders’ idominant demand in the SOL market could be one of the driving factors that could continuously drive the altcoins’ price upwards.