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<a href="https://bitcoinworld.co.in/sol-drops-5-as-ftx-estate-transfers-tokens-to-binance-kraken/" title="SOL Drops 5% as FTX Estate Transfers Tokens to Binance, Kraken" rel="nofollow"></a>
On Monday, the FTX estate sent 750,000 shares of Solana (SOL) worth approximately $30 million to crypto exchanges Binance and Kraken, the first step toward a prospective sale, pushing the price down 5% in 24 hours. 
The $30 million <a href="https://www.coindesk.com/markets/2023/11/06/sol-drops-5-as-ftx-estate-transfers-tokens-to-binance-kraken/?utm_medium=referral&amp;utm_source=rss&amp;utm_campaign=headlines">transfer</a> brings the total amount of SOL sent to exchanges to $102 million, the largest of any liquid asset, while the token’s price is approaching its all-time high. 
So far, the estate of the bankrupt crypto exchange has transferred $102 million in SOL to exchanges in a sequence of transactions that might put selling pressure on the token 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 1/ In the past 24 hours, <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> transferred a total of 1.1M <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> ($42.35M) and 7,183 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ($12.9M) to sell. 
 As of Nov 3, <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> had transferred ~$221.7M in crypto assets. 
 How many assets does <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> have left?<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/piQY8ATW9X">pic.twitter.com/piQY8ATW9X</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1720278473502327210?ref_src=twsrc%5Etfw">November 3, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
According to CoinDesk, SOL is the largest asset on the FTX estate balance sheet, valued at just over $1.16 billion. 
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While the token has increased about 70% in the last month and is up 10% year on year, the price has plummeted 15% from a 14-month high on signals that a recent rally may be losing strength due to imminent sale pressure. The first stage in liquidating assets is unstaking and shifting tokens to exchanges, but the estate has yet to sell any. 
<figure id="attachment_54470" aria-describedby="caption-attachment-54470" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-54470" src="https://bitcoinworld.co.in/wp-content/uploads/SOL-Price-Chart-440x300.png" alt="" width="573" height="391" srcset="https://bitcoinworld.co.in/wp-content/uploads/SOL-Price-Chart-440x300.png 440w, https://bitcoinworld.co.in/wp-content/uploads/SOL-Price-Chart-733x500.png 733w, https://bitcoinworld.co.in/wp-content/uploads/SOL-Price-Chart.png 768w" sizes="(max-width: 573px) 100vw, 573px">
 <figcaption id="caption-attachment-54470" class="wp-caption-text">
 SOL Price Chart | Source: <a href="https://coinstats.app/coins/solana/">Coinstats</a>
 </figcaption>
</figure> 
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The Securities and Exchange Commission (SEC) alleged in a suit earlier this year that Solana was a security, but market volatility eased after the Solana Foundation publicly disputed the SEC’s allegation and Ripple scored a partial victory that legal experts said was a setback in the commission’s war on crypto. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
The post <a href="https://bitcoinworld.co.in/sol-drops-5-as-ftx-estate-transfers-tokens-to-binance-kraken/">SOL Drops 5% as FTX Estate Transfers Tokens to Binance, Kraken</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

SOL Drops 5% as FTX Estate Transfers Tokens to Binance, Kraken

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