FTX SOL Unlocking: Alameda Quietly Moves $23M—Are Investors at Risk?

Amanda Research moved $23 million in SOL tokens, raising concerns about its link to repayment efforts. On-chain data shows these tokens spread across multiple FTX-linked wallets. Despite fears of price volatility, Solana’s value has stayed stable, though regulatory delays create broader bearish pressure. This transaction followed the recent FTX SOL unlocking worth $1.57 billion. Uncertainty lingers around these assets and their role in ongoing reimbursements, keeping investors cautious about future market movements.

FTX Fallout Continues: Amanda Shuffles $23M in Solana 

Amanda Research, a firm related to the FTX disaster, has withdrawn  $23 million worth of SOL tokens from stacking. With the FTX repayment process starting, this firm’s transaction is likely related to this development. This unlocking has not yet had an effect on SLO’s price market. However, if this $23 million SOL is liquidated, it could worsen the already bearish sentiment of the market. This firm was operated by Caroline Ellison, who is heavily linked to the FTX and its current legal proceedings. So, to follow the trail of the money, we can use the Arkham Intelligence on-chain data.

The data shows that the unlocked SOLs were sent to 38 wallets related to the FTX. Arkham Intelligence also shared that all the $23 million worth of SOL was deposited on these 38 new addresses. A stacking address that is related to Alameda got $22.9 million worth of  SOL. Then, this amount was sent to 37 other wallets. Such transactions have happened before, with these 37 addresses being previously connected to the first address that received $23 million. Arkham’s data shows that these 37 addresses now are holding  $178.82 million in SOL.

SEC or Alameda’s Unlocks: What’s Moving Solana?

This was not the first movement for the FTX-related firm, Alameda. Since the crash, Alameda-related addresses have seen millions of transactions. One notable transaction happened in the first months of last year as the Alameda bankruptcy wallet moved $14.75M ETH. Another significant transaction was recorded two years ago where the Alameda linked addresses stacked $10 million worth of MATIC. At the time, these transactions proved to be influential for the market, creating fluctuations in the asset market. For example, ETH saw a 10% increase in value as Alameda transferred its $14.75 million Ethereum holdings.

Chart 1- Provided by BeInCrypto, published in Tradingview, March 13, 2025.

Based on Chart 1, no immediate fluctuations were seen in Solana’s market and price after the unlocking. A general bearish sentiment in Solana’s price is visible, but this is related to yesterday’s regulatory update. This is because the SEC delayed the approval of a number of Solana ETFs. The SEC news led to a decline in SOL’s price, and the coin’s value spiked shortly after. These price movements happened before the announcement, and when we compare Alameda’s unlock to the SEC’s impact, it is small.

Massive SOL Unlock: Is FTX Preparing for Payouts?

At the start of this month, we also saw $1.57 billion worth of Solan FTX SOL unlocking. What FTX is doing with the unstacked tokens has not been publicly announced. However, reimbursements for the victims of the FTX crash started last month. So, this transition can be attributed to the repayments. The lack of ration from the market can also be attributed to the current sentiment of extreme fear and bigger outflows.

Investors Beware: The Impact of FTX’s SOL Movements

The start of the FTX repayment process and the recent unlocking of SOL tokens raises concerns about possible sell-offs. However, the market reaction remains muted for now. However, If large-scale liquidations occur, Solana’s price could face downward pressure. As such, investors must track on-chain activity and regulatory updates since both influence short-term price trends. Any unexpected large liquidation could increase volatility, making careful market participation crucial for investors navigating these developments.

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