FTX Liquidation Pressures Solana Ahead of Creditor Repayments
Solana's price is currently at $145.45, down 2.5% from last week, following a nearly 30% rally since April lows. Key points include:
- Transaction fees over the past 30 days reached an annualized $432.9 million.
- SOL burn rate stands at an annualized $216.5 million.
- Looming FTX liquidation could impact sentiment, with over 60% of its on-chain assets in SOL.
- The first wave of creditor repayments is scheduled for May 30.
- Market cap has decreased to $75.3 billion with a 24-hour trading volume of $3.49 billion.
Bitcoin experienced volatility, dropping to $92,910 after disappointing US GDP data indicated a 0.3% contraction. However, it rebounded to $94,000 due to strong demand and ETF inflows exceeding $3 billion through April 29.
Recent discussions at the Crossroads event in Istanbul highlighted community collaboration but did not lead to increased market confidence or price movement. Concerns persist regarding the potential impact of the FTX situation, Bitcoin’s performance, and global economic responses on risk assets.