As an experienced financial analyst, I find the recent developments surrounding the sale of Solana (SOL) coins from the FTX Derivatives Exchange estate to be noteworthy. The latest auction saw a total of 1.8 million SOL sold for between $95 and $100 each, bringing the total value of the sales to over $232 million.
A fresh round of Solana (SOL) tokens from the FTX Derivatives Exchange’s digital wallet have been transferred to Galaxy Trading and Pantera Capital.
Solana Investors Bags 24% Discount In FTX Auction
A total of 1.8 million SOL was offloaded with each coin going for a unit price of between $95-$100.
Over the past two weeks, the auction bids have amounted to a grand total of $232 million. The opening bid for the locked Solana coin was estimated between $85 and $110, as reported by reliable sources. Thankfully, bids equal to or more than $95 were successfully processed.
Significantly, the bidding process failed on April 25 due to KYC requirements. However, the transaction documents weren’t finished until April 30. This represents the second batch of Solana sales from the FTX estate that have been concluded recently.
Approximately 30 million SOL coins, worth around $1.9 billion when priced at $64 each, were sold through an auction conducted by FTX’s bankruptcy administrators earlier this month. Notable industry players like Galaxy Trading and Pantera Capital displayed significant interest in the bidding process for the SOL token.
As a researcher examining the market trends, I would note that the discounted sales represented significant value for investors given that the SOL cryptocurrency had peaked at a price of $172 prior to the sale.
At present, Solana is priced at $123.99 on the open market after experiencing a 24-hour price decrease of 7.89%. This implies that more recent buyers received a smaller discount relative to the initial offering. For instance, early buyers secured a discount of 24% when the price was at $95, whereas those who bought at $100 had a discount of approximately 15%.
Pantera Capital Is Biggest FTX -Solana Backer
Previously, Pantera Capital obtained a larger quantity of Solana tokens from the asset sales at FTX. This participation in the FTX auctions for Solana is seen as evidence of Pantera Capital’s dedication to digital currencies with significant growth prospects.
As a crypto investor, I can tell you that FTX’s frequent auctions could result in them quickly liquidating their $2.6 billion Solana holdings. This action would alleviate the constant fear of sell-offs within the Solana ecosystem. In the long run, this move might rejuvenate Solana and bring an end to its prolonged bearish trend, providing a potential opportunity for growth.
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2024-04-30 22:53