FTX Continues to Offload Solana and Other Assets: How Much SOL Remains on the Exchange?

On-chain analytics firm Spot On Chain has detected large transfers of SOL and other tokens from FTX to centralized exchanges amid its ongoing liquidity crisis.

In the past day, Spot On Chain identified two major asset movements by FTX:

  • 250,000 SOL worth $10.83 million sent to Binance
  • $38.5 million worth of SOL, ENS, GMT, LDO, APE, BADGER, and BNT sent to exchanges

This continues a trend of FTX liquidating holdings into more liquid assets, likely to meet withdrawal demands.

On November 7, FTX moved:

  • 750,000 SOL – $31.2 million
  • 325,501 ENS – $2.76 million
  • 10.1 million GMT – $2.22 million
  • 642,702 LDO – $1.26 million
  • 288,211 APE – $410,000
  • 127,407 BADGER – $365,000
  • 555,342 BNT – $323,000

Yesterday, FTX sent another 250,000 SOL worth $10.83 million to Binance.

So far, FTX has deposited 5.74 million SOL (approximately $223 million) to various exchanges. Their remaining SOL balance sits at just 1.25 million tokens ($54.5 million).

The large-scale liquidation of FTX’s treasury assets indicates a desperate need for liquidity as users flee the exchange.

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Binance dipping into its own reserves to facilitate customer withdrawals has also raised liquidity concerns. However, Spot On Chain notes Binance still holds over 3 million BTC, suggesting a still-robust position.

Overall, the rapid outflows and asset movements paint a bleak picture of solvency challenges at FTX. The coming days will shed more light on whether a liquidity crunch morphs into a full collapse.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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