FTX has sold Ethereum (ETH) worth $200 million and Solana (SOL) worth $30 million. Despite large-scale selling, the prices of ETH and SOL remain in a bull market
FTX has sold Ethereum (ETH) worth $200 million and Solana (SOL) worth $30 million. Despite large-scale selling, the prices of ETH and SOL remain in a bull market. According to reports, FTX continues to transfer assets to the exchange for sale. This has led to Solana (SOL) receiving increasing attention in every sale. At the same time, the closed exchange has been selling other assets.
What is the impact of these developments on the price trends of Solana and Ethereum (ETH)?
FTX's sales have reached $3.5 billion. By analyzing SpotOnChain on the FTX exchange, it can be seen that the exchange has transferred over $3.5 billion in cryptocurrency assets. So far, Ethereum and Solana have the highest transaction volume among the transferred assets.
As of the release of this report, the exchange has sold over 5.4 million Solanas (SOLs) with a total value of over $2.118 billion. In addition, 17504 Ethereum (ETH) units were sold, with a total value of over $31.7 million.
According to court documents, the exchange has cryptocurrency assets worth $3.4 billion. These assets include $11.6 billion in Solana, $5.6 billion in Bitcoin (BTC), and $192 million in Ethereum. This indicates that the ongoing sales only account for a small portion of the assets held by the exchange.
Despite the gradual release of assets, some may question whether this will have a negative impact on the market.
How do Solana (SOL) and Ethereum (ETH) respond?
Analysis of Solana's daily chart shows that FTX sales have not affected its price trend. As of the time of publication, Solana's trading price was approximately $43, with a slight increase of nearly 1%.
AMBCrypto's analysis of the chart also shows that Solana has been on an upward trend over the past three days. In addition, its relative strength index (RSI) remains above 70, indicating a strong bull market trend at the time of writing.
Let's turn our attention to Ethereum. As shown by RSI, Ethereum is also in a bull market trend. However, unlike Solana, as of the time of publication, the price of Ethereum was falling. Nevertheless, its trading price is still above the $1800 mark.
It should be noted that the sustained bull market trends in Solana and Ethereum may help mitigate the impact of FTX sales. However, the long-term impact of sustained sales, especially on Solana, remains uncertain.
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