Solana Soaring, Bitcoin Sinking: Unveiling Troubling Signs


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In a recent Monday court filing, it was disclosed that the estate of bankrupt crypto exchange FTX has amassed approximately $7 billion in assets (3.4B in crypto), including $1.16 billion worth of Solana (SOL) tokens and $560 million in Bitcoin (BTC). 

The news sent shockwaves through the cryptocurrency market, with SOL and BTC experiencing negative price movements.

SOL And BTC Experience Declines As FTX Prepares For Liquidation

Solana (SOL), trading around the $20 level on Sunday, witnessed a significant decline in response to the news. Its price plummeted to its current level of $17.83. Bitcoin (BTC) also retraced by over 2.7% in the past hours, reaching as low as $24,9000.

SOL’s 1.8% decline on the daily chart. Source: SOLUSDT on

In addition to SOL and BTC, the court filing revealed other significant holdings of the FTX estate. These include Ethereum (ETH), valued at $192 million, Aptos (APT) at $137 million, Tether’s stablecoin (USDT) at $120 million, and XRP at $119 million, among others such as wrapped Bitcoin (WBTC) and wrapped Ethereum (WETH), Bit (BIT), and Stargate Finance (STG).

FTX’s crypto holdings as of August 31. Source: FTX bankruptcy estate.

The court filing further highlighted that the FTX estate had secured cash throughout the Chapter 11 process, employing a post-petition cash management system. The Debtors “successfully” navigated the Q1 2023 financial banking turmoil and obtained fiat from more than 30 banking institutions worldwide. 

Cash has been consolidated and safeguarded within a Master account, with unrestricted cash increasing primarily through venture investment monetization and stablecoin conversions.

This Wednesday, the FTX estate is expected to seek approval to liquidate approximately $3.4 billion of cryptocurrencies. This step marks a significant milestone in the bankruptcy proceedings.

Options For Relaunch?

On September 11, Fortune Magazine reported that the FTX estate had approached over 75 potential bidders, evaluating the possibility of relaunching the bankrupt crypto exchange. 

The stakeholders were given a deadline of September 24 to submit their proposals for “FTX 2.0.” The process considers various potential structures, including acquisition, merger, recapitalization, or other transactions to relaunch and/or FTX US exchanges.

While the specific identities of the bidders remain undisclosed, blockchain technology company Figure and venture capital firm Tribe Capital have been previously mentioned as potential suitors for the relaunch. 

The exploration of FTX’s relaunch represents a key development in the effort to sell off, rebrand, or restart the exchange, which has been at the center of a high-profile white-collar criminal case.

FTX’s native token, FTT, has experienced positive price movement on news of the potential launch of FTX 2.0. On Monday, it traded nearly 17% higher than at the beginning of the year, reflecting market optimism surrounding the prospect of a relaunch.

As the bankruptcy proceedings unfold and the FTX estate moves towards liquidation, the crypto industry will closely monitor the impact on the market and the resolution of outstanding debts. 

The search for bidders to revive the exchange introduces an additional layer of complexity to this evolving situation, with potential implications for the future of FTX and its stakeholders.

Overall, the bankruptcy of the failed crypto exchange has revealed substantial asset holdings of $7 billion, including significant amounts of Solana (SOL) and Bitcoin (BTC). The subsequent market reactions and the quest for bidders to relaunch the exchange have brought further uncertainty to the crypto landscape. 

The outcome of the bankruptcy proceedings and the relaunch efforts will shape the future trajectory of FTX and its position within the industry.

BTC’s extended downtrend on the 1-day chart. Source: BTCUSDT on

Featured image from iStock, charts from 


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