FTX And Alameda Unstake Another 194,861 SOL In Ongoing Monthly Unlocks

On-chain data shows that wallets tied to the bankrupt FTX and Alameda Research estate have just unstaked 194,861 SOL, worth around 25.5 million dollars at recent prices. The move was highlighted by on-chain analytics accounts such as Lookonchain and tracked on the Alameda Research entity page at Arkham Intelligence.

The unstake is the latest in a series of scheduled Solana unlocks that the estate has been executing roughly once a month since late 2023. Each batch adds to the pool of liquid SOL that can be used for creditor repayments, OTC deals or exchange sales under court supervision.

What The Latest On-Chain Flows Show

The 194,861 SOL were redeemed from an Alameda-linked staking account and moved to a fresh Solana address controlled by the estate. At current prices, the batch is worth approximately 25.5 million dollars.

The pattern mirrors earlier events:

• In March 2025, FTX and Alameda unstaked about 3.03 million SOL, worth over 430 million dollars, distributing the tokens to dozens of addresses for eventual sale.
• Subsequent months saw smaller but still significant releases in the 170,000 to 190,000 SOL range, often flagged by both Lookonchain and Spot On Chain.
• A November 2025 unlock of roughly 193,000 SOL drew similar attention from traders and media.

Arkham’s dashboards still show millions of SOL sitting in Alameda-associated wallets, representing hundreds of millions of dollars in potential future supply.

The Monthly Unlock Pattern

Coverage from outlets such as CryptoNews and CryptoRank, drawing on Lookonchain and Spot On Chain data, has documented a fairly regular cadence to these events. Since late 2023, FTX and Alameda-linked addresses have:

• Unstaked and redistributed multi-million SOL batches at intervals, including the large March 2025 unlock.
• Followed a pattern where smaller unlocks tend to land between the 12th and 15th of each month.
• Routed a significant share of the unlocked SOL to major exchanges like Coinbase and Binance, or to OTC desks, presumably for sale.

The latest 194,861 SOL batch fits neatly into this pattern. It is smaller than the March 2025 mega unlock but similar in size to other recent monthly releases.

Why The Estate Keeps Unstaking SOL

The context is the ongoing FTX bankruptcy process. After the exchange and its trading arm collapsed in late 2022, court-appointed administrators have been working to sell assets and repay creditors.

Solana is one of the largest remaining asset pools in the estate, thanks to FTX and Alameda’s early and heavy involvement in the Solana ecosystem. Bankruptcy filings and on-chain research from firms like Arkham indicate that the estate originally controlled tens of millions of SOL, much of it locked in long-term staking arrangements.

As vesting cliffs and staking lockups expire, the estate has been systematically unstaking, consolidating and then either selling or otherwise deploying SOL to raise cash for creditor distributions. Each monthly unlock is one small slice of that broader process.

Market Impact: Overhang More Than Shock

In isolation, 194,861 SOL is a modest amount relative to Solana’s daily trading volume across centralized exchanges and DeFi. Even if all of it were sold quickly, the direct impact on price would likely be limited compared with macro moves or major ETF flows.

The bigger issue is the perception of a continuing supply overhang:

• Traders know that millions of additional SOL remain under the estate’s control.
• Regular unlocks reinforce the idea that more tokens will come to market over the coming quarters.
• Each new batch can weigh on sentiment, especially if it coincides with broader risk-off periods.

Previous large unlocks have sometimes lined up with short-term dips in SOL, though price reactions have varied depending on overall market conditions.

What To Watch From Here

On-chain analysts and SOL holders will be watching several follow-up signals after this latest unlock:

• Exchange deposits: whether the newly freed SOL is sent to known deposit addresses at exchanges such as Binance or Coinbase.
• OTC patterns: whether flows instead route to counterparty wallets tied to OTC desks and market makers.
• Future unlocks: whether the estate keeps to the rough monthly unlock schedule or starts to slow the cadence as creditor repayments progress.
• Remaining balance: how quickly the total SOL stash in Alameda-tagged wallets is shrinking relative to earlier estimates.

If the estate continues to move mid-six-figure SOL batches on a monthly rhythm, the market will have a steady stream of on-chain data points to incorporate into positioning.

Conclusion

The latest 194,861 SOL unstake by FTX and Alameda is another incremental step in a much larger process: turning one of the estate’s biggest crypto positions into cash for creditor repayments.

While the absolute size of this batch is manageable for the market, the continuing monthly unlock pattern keeps Solana supply dynamics under a microscope. For traders and investors, tracking where each new tranche flows – exchanges, OTC desks or long-term wallets – remains key to understanding how much real sell pressure these on-chain moves will create.

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