936.7 million pieces $SOL transfer out ≠ sell-off! Behind the FTX liquidation is the realization of 1.27 billion compensation
Don't be misled by the clickbait title of 'FTX selling off SOL'! The latest on-chain data shows that FTX/Alameda has redeemed and transferred a total of 936.7 million SOL at an average price of $135.8, which is not market manipulation, but rather a routine debt repayment operation in bankruptcy liquidation.
This asset, valued at approximately $1.27 billion, is flowing to creditors through a transparent on-chain process. It should be noted that after the FTX collapse in 2022, the CFTC ruled that it must pay $12.7 billion in compensation, and as of now, FTX has completed three rounds of payments totaling $7.1 billion, with a fourth round of payments expected to be distributed in January 2026.
These SOL, once unlocked from staking addresses like Jito, mostly flow into exchanges like Binance for cashing out, and the entire process can be tracked through tools like Solscan, with no hidden selling behavior.
For investors, what is more important is the market resilience: after the latest transfer of 193,000 SOL on November 11, the SOL price fluctuated only 2%, and now it has stabilized around $158. The cumulative net inflow of 269 million for the SOL ETF in 2025 has already offset potential selling pressure, and institutions view this routine unlocking as an opportunity to position at lower prices.
The FTX liquidation is still ongoing, with the remaining 5 million SOL to be gradually unlocked by 2028, avoiding market shocks while providing ongoing compensation assurance for creditors. The transparency of the blockchain is steadily bringing this overdue 'justice' to fruition.
