SOLANA PRICE DUMPS 21% ON THIS WEEK ! as round three of FTX estate sale of SOL commences

CRYPTOS | 05/02/2024 23:59:00 GMT

FTX estate concluded sale of 1.8 million SOL tokens, collecting nearly $232 million as part of round two auction.

Galaxy Trading and Pantera Capital participated in the auction, with acquired tokens subject to a four-year vesting schedule.

Figure Markets CEO Mike Cagney has confirmed involvement in round three of the auction, which begins on May 1.

Solana (SOL) price is down almost 5% in the past 24 hours and over 20% in the last seven days. The dump comes as the broader crypto market contracts with Bitcoin price leading the pack as it slides below the $58,000 threshold to test the Bull Market Support Band Indicator.

FTX estate’s third round of sales commences for locked SOL tokens

After concluding the second round of the auction for the locked SOL tokens, FTX estate has started the third tranche on May 1.

Reports indicate that the 1.8 million SOL tokens sold in the second round saw the liquidators fetch approximately $232 million after a multi-week sale. While bids ranged from $85 to $110 per token, the ones that ranged above $95 were largely successful, based on the report, while the ones below $85 were rejected.

Notably, sales going for $95 per token represented a 26% discount, while the $110 per token price fetched a 15% discount. The discount was largely attributed to the fact that the tokens are locked, which means their availability for trading is delayed. The tokens acquired are subject to a four-year vesting schedule. Among those who participated in the second-round auction were Galaxy Trading and Pantera Capital.

In the first round of the auction, the FTX estate managed to sell $1.9 billion worth of SOL, which represented nearly two-thirds (2/3) of a larger lot valued at $2.6 billion. This included up to 30 million SOL tokens that were initially priced at $64 each.