The cryptocurrency giant is on the move! 31 million ETH unstaked + 30 million SOL redeemed, is the market about to change?

Today, there was another significant movement of assets in the cryptocurrency world, with on-chain actions of two core currencies attracting high market attention, and the flow of funds hiding secrets!

According to on-chain data monitoring, a mysterious whale or institution recently completed the unstaking of 9026 ETH, valued at approximately 31.05 million dollars at current prices. After the unstaking, this entity quickly transferred 7665 ETH to the two major exchanges, OKX and Bybit. This operation coincides with the backdrop of 900,000 ETH queued for unstaking on the Ethereum beacon chain, raising market expectations for short-term selling pressure. However, it is noteworthy that Ethereum's orderly unstaking mechanism will smooth the release of liquidity, and not all unstaked assets will be sold immediately.

Meanwhile, the asset liquidation of FTX/Alameda is still progressing, with their latest redemption of 193,800 SOL (approximately 3.069 million dollars), distributed to 28 different addresses within 3 hours. These addresses are likely to transfer SOL to mainstream exchanges. As of now, FTX/Alameda has redeemed a total of 9,367,000 SOL since November 2023, with a total value of 1.27 billion dollars, and there are still 4,048,000 SOL in a staked state.

On one side, ETH whales are transferring assets to exchanges, while on the other, FTX continues to release SOL liquidity. In the current market environment, where the fear and greed index has dropped to a low of 14, these significant movements are even more prominent. Are the whales preparing to take profits, or are they making strategic asset adjustments? Will the price trends of ETH and SOL be influenced by the flow of funds? Feel free to share your views in the comments!