Alameda Research, the cryptocurrency division of the bankrupt FTX, has transferred a significant portion of its assets in Solana ($SOL) after a hiatus of nearly five years. According to information published by the data platform Onchain Lens, Alameda unlocked 201,740 $SOL, withdrawing them from staking, and then transferred a total of 201,780 $SOL to a custodial wallet owned by BitGo.
This transaction has reinforced expectations that Alameda is preparing to sell its long-dormant $SOL assets. Blockchain data suggests the transaction might have been conducted for an over-the-counter (OTC) sale via BitGo, rather than for direct token sales on exchanges.
OTC deals stand out as the preferred method, especially for selling large volumes of crypto assets. Since conducting large-scale trades directly on open markets can create sudden selling pressure on prices, institutional investors and large portfolio holders often utilize OTC markets.
The fact that Alameda has released these $SOL assets, which had been in staking for about five years, also adds significance to this transfer. Releasing assets locked in staking deals allows their owners to reuse or sell them.
Although it is claimed that the transfer does not necessarily indicate a sale, the movement of funds to a BitGo custodial wallet is being closely watched by the cryptocurrency market. The liquidation of assets as part of the bankruptcy proceedings of Alameda and FTX continues to be a significant topic in the cryptocurrency market in recent years.
Major transactions involving securities like $SOL, in particular, can be interpreted by market participants as an indicator of potential selling pressure. Whether Alameda will actually sell these assets via the OTC market remains unknown.
*This is not investment advice.
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