- ETH worth $200 million and SOL worth $30 million have been sold by FTX.
- ETH and SOL have maintained their bull runs despite the sales.
FTX has continued to move assets to exchanges for sale, according to reports. Naturally, Solana [SOL] has been receiving increased attention with each sale. Similarly, the defunct exchange has been making other assets available for sale.
How have these developments impacted the price trends of Solana and Ethereum [ETH], which are the most significant assets connected to FTX?
FTX sales hits $350 million
An analysis of FTX transactions on Spot On Chain revealed that the exchange had moved more than $350 million in cryptocurrency assets. A breakdown of the volume of assets transferred thus far indicated that Solana and Ethereum had seen the highest trading volumes.
🚨🚨 [Updated] #FTX and #Alameda further transferred out $38.5M worth of 7 assets to exchanges ~6hrs ago:
750,000 $SOL ($31.2M)
325,501 $ENS ($2.76M)
10.1M $GMT ($2.22M)
642,702 $LDO ($1.26M)
288,211 $APE ($410K)
127,407 $BADGER ($365K)
555,342 $BNT ($323K)Overall, as of Nov… https://t.co/fJT2m0KLnG pic.twitter.com/ngJ4v4Wuxo
— Spot On Chain (@spotonchain) November 8, 2023
Until the time of this report, the exchange had sold over 5.4 million SOL, valued at more than $211.8 million. Alongside this, 17,504 ETH were sold, with a total value exceeding $31.7 million.
According to court filings, the exchange possesses cryptocurrencies worth $3.4 billion. The assets include $1.16 billion in Solana, $560 million in Bitcoin [BTC], and $192 million in Ethereum. This suggests that the ongoing sales represent only a fraction of the exchange’s holdings.
One might question whether this could potentially have a negative impact on the market despite the gradual release of assets.
How SOL and ETH have responded
Analyzing the daily timeframe chart of Solana showed that the FTX sales have not impacted its price trend. As of press time, Solana was trading at around $43, displaying a modest price increase of nearly 1%.
AMBCrypto’s analysis of the chart also revealed that Solana has been in an upward trend for the past three days. Furthermore, its Relative Strength Index (RSI) remained above 70, indicating that it was in a strong bull trend at the time of writing.
Source: TradingView
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Turning our attention to Ethereum, it was also in a bull trend, as indicated by the RSI. However, Ethereum was experiencing a price decline at press time, in contrast to Solana. Nevertheless, it was still trading above the $1,800 mark.
It is pertinent to note that the ongoing bull trends for both Solana and Ethereum may help mitigate the impact of the FTX sales. Yet, the long-term effects of continued sales, particularly on Solana, remain uncertain.
Source: TradingView
