Key Highlights
- Alameda shifts $16M in SOL to an FTX-linked wallet, sparking fresh talk of another round of creditor payouts in the ongoing recovery process.
- Repeated SOL unstaking and transfers follow a clear pattern, but no confirmation yet if the latest move will trigger immediate distributions.
- Gradual asset sales and large remaining SOL holdings help limit market shocks, keeping price impact relatively stable for now.
Alameda Research has drawn fresh attention in the crypto market after moving about $16 million worth of Solana (SOL) tokens tied to creditor repayments. On-chain data from Arkham shows the firm unstaked the SOL and sent it to a wallet linked to FTX creditor distributions.Â
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The move comes as the collapsed FTX group continues its structured bankruptcy recovery process in the United States. It has also raised questions over whether another round of payouts is being prepared.
The transfer follows a pattern seen in earlier months. Alameda has previously unstaked SOL and sent it to the same distribution wallet used for repayments. A similar transaction took place about a month ago, which already led to speculation about ongoing creditor distributions.Â
However, there is still no official confirmation that this latest transfer will be paid out immediately. As a result, market participants are now watching closely to see whether this is routine estate management or preparation for another settlement phase.
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Structured liquidations drive market signals
Unstaking refers to unlocking tokens that were previously locked in blockchain’s staking mechanism. These tokens usually earn rewards while helping secure the network. Large unstaking moves can sometimes signal selling pressure, especially in distressed crypto estates.Â
However, in Alameda’s case, the market has not seen sharp disruptions. The estate continues to sell assets in a gradual, controlled way rather than in large, sudden blocks.
At the same time, Alameda still holds between 3.572 million SOL, worth about $292 million. This puts the recent monthly transfer only a small share of its total holdings. As a result, the slow pace has helped prevent major price swings in the market.
The wider recovery process also continues to influence sentiment. The estate has already completed several creditor payouts, including a major distribution in March. Class 7 convenience claims have now reached 120% recovery, which means those creditors received more than they were originally owed.Â
Most other creditor groups have also reached full repayment levels. However, Class 5A Dotcom customers are still slightly short, standing at roughly 96% recovery.
Recovery Progress and Market Impact
The recovery figures are calculated using November 2022 bankruptcy prices. As a result, it fails to match current market values. For many creditors, getting back funds at those prices still means a loss compared to earlier highs. However, the legal repayment obligation only applies to those 2022 baseline values.
At the same time, as per CNBC, the total recovered funds are estimated between $14.5 billion and $16.5 billion. More than $10 billion has already been paid out across four distribution rounds. The remaining balance sits in reserves, disputed claims, and ongoing legal processes.
Alameda, founded by Sam Bankman-Fried in 2017, once played a major role in crypto trading markets. Even today, its remaining holdings still affect assets like Solana due to that past exposure.Â
SOL now has a market value of about $47.26 billion, ranking it seventh among digital assets. As of writing, according to CoinMarketCap, the token was trading near $82, well below its peak of $293 in January 2024. Because of this history, any Alameda wallet movement still draws close attention from the market.
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