- ETH worth $200 million and SOL worth $30 million have been sold by FTX.
- ETH and SOL have maintained their bull runs despite the selling.
According to reports, FTX has continued to move assets to exchanges for sale. Of course, Solana [SOL] receives more attention with every sale. Similarly, the defunct exchange has made other assets available for sale.
How have these developments affected the price movements of Solana and Ethereum? [ETH]what are the key assets related to FTX?
FTX’s revenue is $350 million
An analysis of FTX trades on Spot On Chain found that the exchange had moved more than $350 million in cryptocurrency assets. A breakdown of the volume of assets transferred to date indicated that Solana and Ethereum had seen the highest trading volumes.
🚨🚨 [Updated] #FTX And #Alameda ~6 hours ago further transferred $38.5 million in 7 assets to exchanges:
750,000 $SOL ($31.2 million)
325,501 $ENS ($2.76 million)
10.1 million $GMT ($2.22 million)
642,702 $LDO ($1.26 million)
288,211 $APE ($410K)
127,407 $BADGER ($365K)
555,342 $BNT ($323K)In short, from November… https://t.co/fJT2m0KLnG pic.twitter.com/ngJ4v4Wuxo
— Spot On Chain (@spotonchain) November 8, 2023
Up to the time of this report, the exchange had sold over 5.4 million SOL, worth over $211.8 million. In addition, 17,504 ETH were sold, with a total value of over $31.7 million.
According to court documents, the exchange holds cryptocurrencies worth $3.4 billion. Assets include $1.16 billion in Solana, $560 million in Bitcoin [BTC]and $192 million in Ethereum. This suggests that the pending sales represent only a fraction of the exchange’s holdings.
One might wonder whether this could potentially have a negative impact on the market, despite the gradual release of assets.
How SOL and ETH reacted
Analysis of Solana’s daily timeframe chart showed that FTX sales have had no impact on price development. At the time of writing, Solana was trading around $43, with a modest price increase of almost 1%.
AMBCrypto’s analysis of the chart also revealed that Solana has been in an uptrend for the past three days. Furthermore, the Relative Strength Index (RSI) remained above 70, indicating that the index was in a strong bull trend at the time of writing.
Source: TradingView
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When we turned our attention to Ethereum, it was also in a bull trend, as indicated by the RSI. However, Ethereum was experiencing a price drop at the time of writing, unlike Solana. Nevertheless, it was still trading above $1,800.
It is pertinent to note that the ongoing bull trends for both Solana and Ethereum could help soften the impact of the FTX sell-offs. Still, the long-term effects of continued sales, especially for Solana, remain uncertain.
Source: TradingView
