On March 1, 2025, the Solana ecosystem witnessed a major unlocking event when 11.2 million $SOL tokens were unlocked from the FTX estate. With a market value of over $1.6 billion, this release was set to test market dynamics and investor sentiment—especially as major players like Galaxy Digital made strategic moves.
A Quick Recap
Solana has long been celebrated for its speed and affordability, making it a favorite among DeFi and NFT projects. The FTX collapse in 2022 left behind a significant amount of locked $SOL, which was later auctioned off to institutional investors.
Galaxy Digital emerged as the top buyer, securing over 25 million $SOL at an average price of $64 per token—a bargain compared to the market trading at nearly $147 on the unlock day.
Galaxy Digital’s Coordinated Unstake
One of the most striking aspects of the March 1 unlock was Galaxy Digital’s coordinated unstaking activity.
Onchain data revealed that wallets associated with Galaxy Digital unstaked around 2.87 million $SOL ($412M)—roughly a quarter of the newly released tokens. This sizable portion underscored Galaxy’s major influence on the day’s liquidity dynamics and highlighted how carefully they had planned this maneuver.
Solana’s staking mechanism typically offers an annual reward of about 5–7%, but it also imposes a cooldown period of 2 to 7 days for unstaking. By timing their unstaking so precisely with the unlock date, Galaxy Digital ensured immediate access to their tokens without sacrificing significant staking rewards.
Onchain data confirms that three specific wallets associated with Galaxy Digital executed this unstake, then distributed the $SOL to various other addresses.
Rather than simply reacting to the unlock, Galaxy seemed fully prepared to leverage its substantial holdings for both liquidity and potential market opportunities.
1.8M SOL on the Move: Inside Galaxy Digital’s CEX Transfers
The story doesn’t end with the unstaking. A few seconds later, there was a notable transfer of $SOL to centralized exchanges (CEXs).
Around 1.95 million $SOL ($279M) landed on Coinbase Prime, Binance, Kraken, and Bitfinex, a move likely aimed at facilitating trades or over-the-counter (OTC) deals.
From Fear to Confidence: How the Market Handled the Unlock
In reality, much of the anticipated impact on Solana’s price occurred in the weeks leading up to March 1, as fear of a massive sell-off had already driven SOL lower.
In fact, Solana’s price remained relatively stable on the day of the unlock, suggesting that participants had already priced in the event.
Looking Ahead
Although the March 1 unlock of 11.2 million $SOL initially appeared sizable, it actually represented only a small portion of $SOL’s overall supply.
With Solana’s robust trading volume and demand, the market successfully digested the newly unlocked tokens, underscoring the blockchain’s resilience.
Now, all eyes are on whether Galaxy and other major holders will maintain their strategic stance or opt to shift positions as Solana’s ecosystem continues to evolve.
We at SolanaFloor will be closely monitoring the key movements of addresses linked to Galaxy and other major players, as well as their impact on $SOL prices.
Read More on SolanaFloor:
