The FTX bankruptcy estate unstaked 197,637 SOL worth approximately $17 million on March 11, marking another monthly liquidation cycle as creditor repayments enter their second year. Alameda Research-linked wallets transferred the tokens to an FTX bankruptcy wallet, reducing the estate’s Solana position to roughly 3.5 million SOL, while network staking activity absorbed the sell pressure without disruption.
TLDR KEY POINTS
- Alameda-linked addresses unstaked 197,637 SOL ($17M) on March 11, continuing a monthly liquidation pattern tracked since late 2023.
- The estate still holds approximately 3.5 million SOL ($321M), the dominant asset in a $406M total portfolio, with cumulative unstaking exceeding 9 million SOL ($1.2B).
- A $1.7 billion creditor distribution is scheduled for March 31, 2026, with 98% of claimants expected to recover at least 119% of their November 2022 claim value.
On-Chain Data Confirms Another Monthly SOL Liquidation
Arkham Intelligence flagged the transaction at 16:59:53 UTC on March 11. The 197,637 SOL moved from Alameda Research staking accounts to an FTX-linked bankruptcy wallet designated for creditor distributions.
ON-CHAIN DATA
- Amount: 197,637 SOL (~$17M at time of transfer)
- From: Alameda Research staking accounts
- To: FTX bankruptcy distribution wallet
- Timestamp: March 11, 2026, 16:59:53 UTC
- Source: Arkham Intelligence
This follows a consistent monthly cadence. Since November 2023, the estate has unstaked and transferred approximately 9 million SOL worth $1.2 billion at an average price of $134 per token. The March batch is smaller in dollar terms than earlier unlocks due to SOL trading at $90.46, roughly 69% below its January 2025 all-time high of $293.31.
Alameda’s $321M SOL Stack Dominates a Shrinking Portfolio
After the latest unstaking, Alameda-linked wallets retain approximately 3.5 million SOL valued near $321 million. That figure is down from 5 million SOL ($750M) tracked by Arkham in July 2025, a 30% reduction in token count over eight months.
SOL accounts for roughly 79% of the estate’s total on-chain portfolio, which also includes smaller Bitcoin and stablecoin positions totaling around $406 million. The concentration creates a structural overhang specific to Solana’s order books, though the monthly release cadence has been manageable relative to daily trading volume.
For context, SOL’s 24-hour trading volume sits at $4.55 billion. The $17 million monthly unstake represents less than 0.4% of a single day’s volume, limiting direct price impact per batch.
Solana Network Staking Absorbs Liquidation Without Disruption
On-chain staking flows on March 11 showed $246 million in SOL activated against $170 million deactivated, a net positive of approximately $75 million. The estate’s $17 million deactivation was a fraction of total daily unstaking activity.
Solana’s broader staking ecosystem has strengthened through the FTX liquidation period. Marinade Finance’s native staking TVL surged 21% quarter-over-quarter to 5.3 million SOL in late 2025, surpassing its liquid staking product mSOL for the first time. Jito and Sanctum have also expanded their liquid staking positions, adding competitive pressure that has absorbed supply from estate distributions.
The broader crypto market, however, remains under stress. The Fear & Greed Index sits at 15, deep in “Extreme Fear” territory, down from 18 a week ago and 11 last month.
$1.7B March 31 Distribution Approaches as Repayment Tops $7.6B
The FTX estate has scheduled a $1.7 billion creditor distribution for March 31, 2026, targeting claimants with allowed amounts above $50,000. The record date was February 14, requiring completed KYC verification and distribution agent selection.
Total distributions to date have reached approximately $7.6 billion. Under the court-approved plan, 98% of creditors are expected to receive at least 119% of their allowed claim value, calculated at November 2022 petition-date prices. Some projections put recoveries as high as 160% for certain claim classes.
Roughly $5.1 billion in principal claims remain outstanding. The estate has also moved to reduce its disputed claims reserve by $2.2 billion, potentially unlocking additional funds for distribution if the court approves the amendment.
Protocol Risk Assessment: Liquidation Runway and Solana DeFi Exposure
At the current monthly pace of approximately 200,000 SOL ($17M), the remaining 3.5 million SOL position would take roughly 17-18 months to fully liquidate. That timeline extends well into late 2027, maintaining a persistent, if modest, supply overhang on Solana markets.
For Solana DeFi protocols, the estate’s liquidation path has indirect implications. Each batch that moves from staking to exchange creates a brief window of additional circulating supply. However, Solana’s DeFi TVL reached $11.5 billion by the end of 2025, and institutional interest, including ETF-related inflows projected to exceed $2 billion in 2026, provides a demand-side counterweight.
The March 31 distribution will be the next concrete catalyst. If the estate accelerates SOL liquidation to fund the $1.7 billion payout, larger-than-usual unstaking batches could briefly pressure Solana spot markets and downstream DeFi liquidity pools. Validators and liquid staking protocols should monitor Arkham-tracked FTX wallet activity for early signals of pace changes.
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
