FTX recently transferred approximately $316 million in digital assets to various crypto exchanges, according to on-chain data.
Over the past several weeks, the beleaguered crypto exchange has been rapidly divesting portions of its crypto holdings, including assets like Solana (SOL) and Ethereum (ETH), as part of its bankruptcy proceedings.
For context, FTX executed crypto transfers worth over $60 million between Nov. 7 and Nov. 8, according to insights from Lookonchain.
These transactions have added to the selling pressure in a market influenced by optimism over the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Solana dominates FTX Transfers
An analysis of FTX transfers by Lookonchain revealed that Solana (SOL) accounts for more than half of the transfers made by the exchange.
As of Nov. 8, the distressed exchange has moved 4.8 million SOL tokens, equivalent to $187 million.
These transactions may likely exert addi
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