FTX bankruptcy auction SOL unlocking is approaching, market sentiment is mixed, Syncracy Capital is optimistic about long-term potential

On February 17th, FTX's bankruptcy auction 11.20 million SOL will be unlocked on March 1st, with a valuation of about $2.06 billion. According to on-chain analyst Ai Yi's monitoring, FTX has sold 41 million SOL through three auctions. Galaxy purchased 25.52 million at a price of $64 per piece, with a return rate of 187%. Other buyers such as Pantera bought 13.67 million SOL at $95 per piece, with a return rate of 93%. Figure and other buyers bought 1.8 million SOL at $102 per piece, with a return rate of 80%.

 

Meanwhile, Daniel Cheung, co-founder of Syncracy Capital, pointed out that despite the increasing panic about SOL in the market, Solana is still the leading Layer 1 in this cycle. He believes that Solana-related ETFs may be launched earlier than expected, bringing new opportunities to the market. Cheung suggests that investors enter the market during market panic, believing that the current price level provides an attractive risk-return ratio and is suitable for investors who are willing to hold for a long time.