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.
Read also:
- Why is Moonriver (MOVR) Price Up? Exploring the Catalysts Behind the Rally
- Estonian Banker’s $469,000,000 Ethereum Fortune Locked Away Forever After Losing Keys – Can Anyone Crack the ETH Wallet?
- Join eTukTuk’s revolution – Only few hours left at the current price
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.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
