Alameda Address Moves Bitcoin Following FTX-linked SOL Token Redemption

A wallet associated with Alameda Research recently moved around 231.4 Bitcoin, worth approximately $13.5 million in the last few hours.

A wallet linked to Alameda Research moved around 231.4 BTC in five separate deposits, with a total value of approximately $13.5 million. Of this amount, 200 BTC was sent directly to Coinbase.

This large transaction comes amid concerns over potential selling pressure from wallets linked to the collapsed FTX exchange. The latest transactions sparked curiosity about their purpose and potential impact on market liquidity.

According to blockchain security firm PeckShieldAlert on September 13, the movements include five separate deposits from one Alameda-linked address, 3Ms…zMm, to an address starting with bc1…rs4 in the following amounts: 37.80 BTC, 59.82 BTC, 56.93 BTC, 39.47 BTC, and 37.91 BTC, summing up to 231.39398632 BTC.

Out of the total BTC amount, 31.39 BTC went to the address starting with bc1…rs4, while the remaining 200 BTC was moved to a Coinbase address.

Previously, an FTX-linked wallet withdrew 177,693 SOL, valued at nearly $24 million, from the Solana Proof-of-Stake network on September 12. Despite this withdrawal, the wallet still holds a substantial balance of 7.057 million SOL, roughly valued at $954 million.

Interestingly, the 7.057 million Solana tokens have remained staked within the Solana ecosystem.

Market Experts Hint Potential Dip for SOL Considering Its Low Relative Strength Indicator (RSI)

The substantial transfer of Solana tokens by FTX and Alameda-affiliated wallets is contributing to the fluctuation in SOL’s price. These actions will influence market perception, leading to sell-offs and cautious trading behavior as traders react to further token liquidations.

Given this market activity, market experts perceive that the recent transfers play a role in SOL’s price performance. The Relative Strength Index (RSI) for SOL has dropped to 46.11, indicating a shift towards more neutral territory. This suggests that buying momentum has declined and is currently at equilibrium with selling pressure.

The RSI highlights the compromised market sentiment, contributing to the overall SOL price trend.

Potential Implication of FTX/Alameda Liquidations

Now-defunct cryptocurrency exchange FTX made significant investments in Solana before its collapse in November 2022. FTX’s bankruptcy played a major role in the sharp decline of SOL’s value, which dropped to as low as $8 in 2023.

Following the collapse, FTX and its sister company, Alameda Research, began systematically reducing their Solana holdings. To minimize market disruption, they employed over-the-counter (OTC) sales strategies, which reduced the chances of triggering market volatility.

Collectively, Alameda Research-linked wallets have moved around $46 million worth of various cryptocurrencies, including Bitcoin (BTC), Solana (SOL), Ethereum (ETH), and Polygon (MATIC), to major exchanges like Kraken, Coinbase, and Binance.

Additionally, market observers have noted smaller transactions, such as a $2.1 million transfer of SushiSwap (SUSHI) tokens. These transactions showcase continued activity from Alameda-affiliated wallets across several blockchain networks, likely in preparation to refund its creditors.

The impact of Alameda's recent fund movement on Bitcoin is yet to be determined.