Bad news for the crypto Solana from the bankruptcy of FTX.
According to Bloomberg, the bankruptcy trustee of the group of the famous exchange that failed in 2022 has auctioned off several SOL at a heavily discounted price.
Summary
Latest news: The sale of FTX of the crypto Solana
Bloomberg reported that in total, after several weeks of auctions, FTX sold Solana for a total value of 2.6 billion dollars.
It is worth noting that the overall market capitalization of SOL is just over 74 billion dollars, so the amount of the FTX sale is more than 3.5% of its entire capitalization.
Among the buyers, there would appear to be Figure Markets and Pantera Capital.
According to anonymous sources from Bloomberg, Figure Markets would have purchased 800,000 SOL paying a total
80 million dollars. Therefore, the purchase price would have been around 100$ per token, much lower than the current 165$ they have on the market.
Indeed, such a price SOL had not seen since the end of February, so even assuming that such a sale was made, for example, at the beginning of May, or at the end of April, the purchase price was still much lower than the market price.
In fact, the minimum price of SOL in the last two months is the 127$ from the beginning of May, and this makes the purchase of Figure Markets definitely convenient, if the rumors reported by Bloomberg are true.
FTX: The impact on the price of the news of the sale of the crypto Solana (SOL)
Seven days ago the price of Solana had risen to about 187$.
However, this is not the annual high of 2024, because in the second half of March it had also exceeded $200.
However, that figure was reached in the midst of the bull run of Bitcoin, followed by a retracement that began particularly the week before the halving on April 20.
Anche il prezzo di Solana ha subito un ritracciamento, terminato per l’appunto il primo di maggio a 127$.
So first it rose from $100 at the end of February to $200 at the beginning of April, then at the beginning of May it had dropped to $127, but only to return to $187 a week ago.
Since then it has started a phase of decline, apparently still ongoing, which first brought it to $170, and then to the current $165. However, yesterday it also touched $162.
Given that this dynamic started after a remarkable rise from around $20 in October 2023 to $120 at the end of December, it is possible to state that the price of Solana not only seems to still be in a growth phase, net of the three mini-bubbles that inflated in December, March, and mid-May, but also proves to be decidedly volatile.
Tale Volatility piace molto soprattutto agli speculatori sul breve periodo, mentre gli holder di sicuro apprezzano maggiormente il trend ascendente sul medio periodo.
The failure of FTX
Il curatore fallimentare di FTX, ed il suo team, sono riusciti a racimolare talmente tanta liquidità con le vendite degli asset del gruppo da essere in grado di restituire ai creditori dell’exchange fallito persino più dell’importo dovuto.
The fact is that, although the exchange failed because it did not have enough funds to meet all user withdrawal requests, it still had a significant amount of illiquid assets.
Many of the illiquid assets owned by the group were purchased with users’ funds, but it took quite a while to liquidate them in order to collect sufficient funds to repay them.
It should be noted, however, that users who had criptovalute on deposit with FTX at the time of the withdrawal closure will not receive their crypto back, but an amount in fiat currency slightly higher than the value calculated in fiat currency of their crypto at the time of the bankruptcy, at the end of November 2022.
So actually they will have lost, given that the current value of those cryptocurrencies would be much higher, but the amount in fiat currency they will receive will at least cover the loss calculated in fiat currency at the time of the failure.
Part of the funds recovered by FTX in this way (16.3 billion dollars) also comes from the sale of SOL.
The future impact
Now, however, the problem could be another.
In fact, those who bought SOL at around $100 from FTX a few weeks ago might be tempted to sell them even at a price well below the current $165, to monetize the gains in the shortest possible time.
It could also be precisely this the reason for the drop in the price of Solana from 187$ to 165$ during the last seven days.
Indeed, to tell the truth, this dynamic could still have a depressing impact on the price of SOL, if it continues, even though it is very difficult to predict its actual extent.
On the other hand, even if the price of SOL were to return to the $127 at the beginning of the month, the buyers from FTX could theoretically profit from selling on the market.
However, in the case where they foresee an increase in the market value of Solana, they might also decide to postpone sales waiting for better times, or even to keep a part of it in their portfolio until the next bull.
Probably it is for these reasons that in the last 24 hours the price of SOL has not dropped, but has merely oscillated between $161 and $166.
