FTX wallets shift $13.5M in Solana tokens

Over the last month, Solana's (SOL) value has surged by 150%, positioning it as the top-performing cryptocurrency currently. Amid this surge, wallets connected to the defunct FTX have been active, transferring significant amounts of SOL during a brief pause in Solana's price hike.

Blockchain analysis firm PeckShield observed transfers of 250,000 SOL (valued at $13.5 million then) and $4 million in USDT stablecoins from wallets marked as FTX-related to Binance and Wintermute, a trading company.

These transactions, managed by the group overseeing FTX's bankruptcy, involve substantial assets and suggest a potential sale of these tokens in the open market. Following these movements, SOL's price dipped slightly after its notable monthly rally. Despite a recent decline, SOL has climbed about 150% in the past month and over 500% since the beginning of the year, buoyed by sustained enthusiasm for blockchain technology and its growing prominence in the cryptocurrency space.

This recent transfer follows a similar movement of over $30 million in SOL to Binance and Kraken by the same group a week earlier, which initially led to a 5% price drop before a recovery and subsequent increase. The ripple effects of FTX's bankruptcy have thus far resulted in over $100 million worth of SOL being transferred to various exchanges.