According to on-chain data, FTX recently transferred approximately $316 million in digital assets to various cryptocurrency exchanges.
Over the past few weeks, the cryptocurrency exchange has been quick to divest a portion of its crypto assets, including assets like Solana (SOL) and Ethereum (ETH) — as part of bankruptcy proceedings. product.
Against this backdrop, FTX made cryptocurrency transfers worth more than $60 million between November 7 and November 8, according to details from Lookonchain.
These transactions have added to the selling pressure in a market affected by optimism about the possibility of approval of a Bitcoin ETF by the United States Securities and Exchange Commission (SEC).
Solana dominates FTX’s moves
An analysis of FTX transfers by Lookonchain has revealed that Solana (SOL) accounts for more than half of transfers made by the exchange.
As of November 8, the bankrupt exchange had transferred 4.8 million SOL tokens, equivalent to $187 million.
These transactions could add further selling pressure to the token, which has seen a recent resurgence. However, SOL’s price is still stable, trading above 40 USD.
In the past 24 hours, it even increased by 2.82%, reaching $43.18. This positive trend has been a topic of interest throughout the year, with SOL increasing more than 330% since the beginning of the year, recently reaching a peak for the year of $46.
SOL is the most important asset on FTX’s balance sheet, worth more than $1 billion.
Other assets are transferred
In addition to its Solana transactions, FTX has made significant transfers of other digital assets. These transfers include approximately $32 million in ETH, $14.3 million in Polygon’s MATIC, and $4.46 million in Lido’s LDO.
FTX also transferred $4 million in Maker, $3.1 million in Sushi, and $1.6 million in Aave tokens, among others. These transactions are intended to compensate FTX customers and investors who suffered losses due to last year’s bankruptcy. The exchange recently sold $744 million worth of Trust assets held at Grayscale and Bitwise.
