Alameda Unstakes $16M in SOL for FTX Creditors

The on-chain move sent 198,426 SOL from a staking account controlled by Alameda into the FTX distribution wallet. At the prevailing price of around $81.99, the batch carried a value of $16.18 million. Arkham’s post included transfer screenshots, portfolio data, and a wallet flow diagram.

Why Alameda Unstakes SOL Every Month

This is not the first time. In March, the estate followed the same playbook with 197,637 SOL worth about $17 million. A similar batch also moved in February.

According to on-chain records tracked by Arkham, CoinDesk, and Odaily, these transfers form part of the FTX estate’s court-supervised liquidation. The estate has already moved nearly 9 million SOL since late 2023. Each batch follows the same route: unstake, transfer, then send to OTC desks or exchanges.

Alameda Still Holds Over $290M in SOL

Even after this latest unstaking, Alameda’s on-chain footprint remains large. According to Arkham, the tracked entity holds assets worth $378.4 million across 388,100 addresses. The SOL position alone sits at $292.85 million, with 3.57 million tokens still staked.

At the current pace of roughly 200,000 SOL per month, the estate could need around 18 months to unwind the rest. That timeline depends on market conditions and court rulings.

How the FTX Liquidation Works

Alameda Research was the trading arm founded by Sam Bankman-Fried. It held one of the largest SOL positions in crypto before the November 2022 collapse. Early Solana ecosystem investments left the firm with millions of tokens.

After FTX filed for bankruptcy, the estate came under restructuring CEO John J. Ray III. The FTX Recovery Trust began converting staked holdings into cash for creditor repayment.

By March 2026, the trust had completed a fourth distribution round worth $2.2 billion. Further record dates for preferred equity holders are set for April and May.

Where the Unstaked Tokens Go

Staked SOL sits in validator contracts earning rewards on Solana’s network. Unstaking releases the tokens after a brief cooldown. From there, the tokens flow into the designated bankruptcy wallet.

Historically, batches from this wallet have reached OTC desks, centralized exchanges, or providers like BitGo, Kraken, and Payoneer. Arkham data also shows portions landing with market maker Wintermute before converting to fiat or stablecoins. Instead of a market flood, the pattern creates steady, calendar-driven supply.

Market Has Absorbed Prior Batches

Previous identical unstakes in February and March produced only muted price reactions. Creditors and secondary markets absorbed the supply without sustained disruption. As a result, traders have grown accustomed to these flows.

Still, the repetition keeps the FTX overhang visible. Solana’s price sits near multi-month highs, so any fresh selling pressure draws attention. Community replies to Arkham’s post speculated about a potential “FTX tax” dip, but history shows these batches clear within days through OTC channels.

What Comes Next for FTX Creditors and SOL

No public statement has come from the FTX Recovery Trust about this specific transfer. The estate’s communications have focused on broader distribution schedules instead.

The newly unlocked SOL will likely sit briefly in the distribution wallet. From there, it could head to exchanges or go directly to creditors who chose in-kind or cash settlements. The estate has signaled more distributions through 2026.

With 3.57 million SOL still staked, further monthly unstaking rounds appear probable. The position represents one of the larger known overhangs in SOL’s history. If the market stays constructive, these flows should keep clearing smoothly. If sentiment sours, the schedule of known unstakes could add short-term volatility.

This is not financial advice. Always do your own research before making investment decisions.