Wallets associated with the bankrupt FTX exchange and its trading arm, Alameda Research, unstaked 194,861 SOL tokens from a staking account, unlocking approximately $25.5 million worth of Solana at prevailing prices around $131 per SOL.
This transaction, tracked by on-chain analytics firms like Lookonchain and Arkham Intelligence, follows a predictable monthly pattern of unlocks that began in late 2023 as part of the estate’s asset liquidation process to fund creditor repayments.
The unstaked SOL was transferred to a new address controlled by the estate, increasing available liquidity for potential sales. However, the same staking address still holds about 4.048 million SOL, valued at roughly $620 million, indicating this is just one installment in a larger unwind.
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Since November 2023, FTX and Alameda have unstaked over 8 million SOL—worth nearly $1 billion at various points—often depositing portions to exchanges like Coinbase and Binance for controlled sales approved by U.S. Bankruptcy Court.
Market impact appears muted so far: SOL’s price dipped 5.4% in the prior 24 hours amid broader crypto weakness, but community sentiment views these events as routine liquidity injections rather than protocol threats.
No immediate dumps have occurred, thanks to court limits on weekly sales capped at $200 million. This aligns with prior unlocks, like March 2025’s $431 million batch, which caused short-term volatility but didn’t derail Solana’s ecosystem growth in DeFi and NFTs.
BlackRock’s IBIT Bitcoin ETF Records $192M Inflows
BlackRock’s iShares Bitcoin Trust (IBIT) saw $192 million in net inflows on February 27, 2025, leading a rebound in spot Bitcoin ETF activity amid a volatile market.
This marked a strong single-day performance for the fund, which has dominated institutional demand since its January 2024 launch, amassing over $52 billion in year-to-date inflows by late 2025 and becoming BlackRock’s top revenue generator with estimated $245 million in annual fees.
The inflows contributed to a broader $290 million net positive day for U.S. spot Bitcoin ETFs, offsetting Grayscale’s GBTC outflows of $599 million. Fidelity’s FBTC added $66 million, while ARK/21Shares’ ARKB brought in $24 million.
This surge helped Bitcoin rebound 4% to around $68,000 that week, signaling renewed institutional confidence after earlier outflows tied to year-end rebalancing and macro uncertainty. By mid-2025, IBIT had grown to $70+ billion in assets under management, holding over 700,000 BTC— 3.3% of total supply and outpacing rivals like Fidelity’s FBTC.
Despite a recent six-week outflow streak totaling $2.7 billion through November 2025—reflecting Bitcoin’s 27% pullback from October highs—the fund’s annualized return exceeded 40% from debut to November, underscoring its role as a key proxy for U.S. crypto adoption.
While the immediate market reaction was a 5.4% SOL price dip amid broader crypto weakness, the implications ripple across short-term volatility, long-term ecosystem health, and regulatory oversight. The unlocked 194,861 SOL increases circulating supply, potentially flooding exchanges if sold off.
Historical data shows similar events—like the March 2025 $431M batch—triggered 13-15% drops due to heightened sell-side liquidity. Court caps limit weekly sales to $200M, mitigating instant dumps, but thin holiday volumes could amplify downside if buyers hesitate.
Analysts note SOL’s resilience, often rebounding within days as DeFi activity absorbs the supply. This move advances FTX’s court-mandated asset unwind, with ~$620M in remaining staked SOL signaling more unlocks ahead.
It underscores the bankruptcy’s maturity—total unstaked SOL now nears 9M tokens worth $1.2B—potentially accelerating payouts to defrauded users by mid-2026. Positive for justice, but it highlights lingering risks from concentrated holdings tied to one failed entity.
Solana’s network fundamentals remain strong, with institutional inflows and tools like Grayscale’s GSOL ETF providing hedges. However, repeated events erode retail confidence, as seen in declining social metrics and 22% trading volume drops post-similar unlocks.
Long-term, it could deter new projects if perceived as a “FTX overhang,” though Solana’s low fees and speed continue driving DeFi/NFT growth. Analysts see these inflows as a bullish counter to retail selling, with potential for more if Bitcoin stabilizes above $100,000 into 2026.