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SOL Drops 5% as FTX Estate Transfers Tokens to Binance, Kraken

The FTX estate moved 750,000 in Solana (SOL), worth about $30 million, to crypto exchanges Binance and Kraken on Monday, the first step ahead of a possible sale, driving the price down 5% over 24 hours. So far, the bankrupt crypto exchange's estate has moved $102 million in SOL to exchanges in a series of transactions that may exert selling pressure on the token. SOL is the largest asset on the FTX estate balance sheet, coming in at just over $1.16 billion, CoinDesk previously reported. While the token has risen nearly 70% during the last month and is up 10% year-on-year, with the anniversary of the FTX collapse approaching, the price has dropped by 15%.

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