Cryptos worth millions of dollars were transferred from FTX to crypto exchange Binance, 'presumably' to be sold.
BinanceAlthough it cannot be said with conviction, Nansen stated that the purpose behind the move was to sell the assets off.of its holdings in the market. Lookonchain reported that cryptos worth $13.5 million have already been dumped by the trading platform.in November 2022. A court in September approved the plan, with an initial weekly limit of $100 million, which could be increased to $200 million subject to further orders.
Since then, market participants have been on tenterhooks over concerns of excess supply in the market. Such occurrences have the potential to add significant downward pressure on the market.Out of all the assets, SOL had the highest exposure to FTX. According to Lookonchain, FTX/Alameda held 1.62 billion in SOL, nearly 47%o f the total holdings.
Note that Solana was linked to FTX’s fortunes and the downfall of the exchange caused serious ramifications for the former. While not directly related to FTX, SOL was widely endorsed by the disgraced co-founder of the exchange Sam Bankman-Fried . Despite the fears, SOL didn’t look stressed as of press time. The seventh-largest crypto by market cap was valued at $32.18, up 1.12 % in the last 24 hours, perAniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance.
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