Whale Alert: FTX Estate Engages in Staking 5.5M Solana Tokens

Ashpool’s Alert: FTX Estate Stakes 5.5 Million SOL Tokens

Ashpool, an X account well-known for crypto research, recently raised an alert regarding FTX Estate’s significant staking activity. According to Ashpool’s findings, FTX Estate has staked a substantial 5.5 million SOL tokens, sparking widespread discussion within the crypto community.

During an investigation, Ashpool referenced a post from Whale Alert, detailing an SOL transaction of 5,546,217 SOL (equivalent to $121,255,031) between two undisclosed wallets. This transaction pointed towards FTX Estate’s substantial involvement in the Solana network.

One intriguing aspect of this development is FTX Estate’s connection with Solana’s market cap. As of the latest data, FTX Estate holds approximately 16% of Solana’s total market capitalization, underlining its influential position within the cryptocurrency ecosystem.

Insights from Crypto Enthusiasts

Ashpool’s alert triggered a flurry of discussions among crypto enthusiasts, aiming to decipher the implications behind FTX Estate’s staking initiative. One user, ‘rpc mert,’ referred to a statement made by Caroline Ellison, a close associate of SBF, during an “all-hands” meeting related to the SBF trial on November 9, 2022.

“I don’t think we’ve talked to Solana people, and I feel maybe we talked to them once, and they were like ‘no you can’t sell it, it’s locked.'” – Caroline Ellison

Based on Ellison’s statement, ‘rpc mert’ inferred that FTX did not establish communication with Solana, and when they attempted, Solana declined their request, indicating a complex relationship between the two entities.

Noteworthy Transaction in Solana Staking History

The recent staking transaction by FTX Estate has gained significant attention within the crypto community. Ashpool shared a screenshot indicating that this transaction is the second-largest Solana Stake Flow since April. The most substantial movement during this period was a withdrawal of 7,787,430 SOL tokens from the staking pool on July 25, 2023. Therefore, FTX Estate’s recent deposit stands out as the most substantial addition to the staking pool since April.

FTX Estate, responsible for managing the bankruptcy and restructuring of a previously active cryptocurrency exchange, holds a substantial portfolio. As of the latest update in September, FTX Estate disclosed holdings of $1.16 billion in Solana (SOL), representing about 16% of Solana’s market capitalization, and $560 million in Bitcoin (BTC).

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