FTX Unstakes $21.5 Million in Solana Amid Trade War Tensions

A wallet linked to the bankrupt crypto exchange FTX has unstaked 186,326 Solana (SOL) tokens, valued at approximately $21.5 million, according to onchain data reported on April 11, 2025. This move follows a similar unstaking of 185,000 SOL tokens last month, signaling ongoing efforts by FTX and its affiliated hedge fund, Alameda Research, to manage assets amid bankruptcy proceedings. The unstaked tokens remain in the exchange’s address for now, but past patterns suggest they could soon be sold to help repay creditors. Since its collapse, FTX has unstaked over 3 million SOL tokens, transferring many to unknown wallets.

Despite this significant unstaking, Solana’s price has shown resilience, climbing 9.89% in the past 24 hours to $120. The total market value has reached $62 billion, overtaking USDC to claim the sixth spot among the largest digital assets. Trading volume for SOL, however, dipped by 38% to $4 billion, reflecting cautious market activity. Unlike previous FTX unstaking events, which often triggered selloffs, the broader market correction did not amplify downward pressure on Solana this time.

Broader Market Dynamics and Solana’s Outlook

Recent market volatility, driven partly by trade tensions between the United States and China, has kept investors on edge. A temporary relief came when U.S. President Donald Trump announced a 90-day pause on certain tariffs, sparking renewed buying interest across stocks and cryptocurrencies. This development has fueled hopes that a cooling trade war could support a broader market recovery, potentially benefiting assets like Solana. The crypto market is closely watching these geopolitical shifts for cues on future price movements.

Adding to Solana’s positive sentiment is anticipation for its Firedancer upgrade, expected to launch later this year. Developed by Jump Crypto, this third-party validator software aims to improve Solana’s scalability, addressing long-standing network concerns. Investors are also optimistic about the potential approval of Solana based exchange-traded funds in the U.S. and the inclusion of SOL in the national cryptocurrency stockpile, both of which could bolster its adoption. These factors have helped maintain confidence in Solana, even as FTX’s asset movements create uncertainty.

For now, the market appears to be absorbing FTX’s latest unstaking without significant disruption. Solana’s ability to hold steady reflects growing trust in its fundamentals and broader ecosystem developments. As trade tensions ease and upgrades approach, investors remain cautiously hopeful about the cryptocurrency’s trajectory. The coming weeks will likely reveal whether FTX’s asset sales impact Solana’s momentum or if bullish catalysts continue to drive its performance.