In early October, Delaware District Bankruptcy Court Judge John Dorsey approved FTX’s reorganization plan, paving the way for repayments to FTX creditors and causing a flurry of activity in FTX wallets.
According to on-chain analyst EmberCN, the FTX/Alameda address (H4y…gFZ) recently traded $28 million worth of Solana (SOL).
Accordingly, a Solana-staking address associated with FTX and Alameda Research received 178,631 SOL (worth $28 million) approximately six hours ago.
Analyzing previous SOL transfers, the analyst predicted that these Solanas would then be distributed across multiple addresses, with most of them then transferred to Coinbase or Binance.
The analyst stated that looking at past data, SOL transfers from the FTX-Alameda address are relatively regular, and that approximately 170,000 SOL are received and transferred between the 12th and 15th of each month.
There are currently 7.09 million SOL (worth $1.107 billion) still staked on the FTX/Alameda address.
Solana, which has gained 2% in the last 24 hours, continues to trade at $155 at the time of writing.
*This is not investment advice.