Crypto Whale Offloads Tens of Millions in Solana as Institutional Outflows Surge
An analysis of blockchain data reveals that a major cryptocurrency investor has significantly reduced their Solana (SOL) holdings this year.
The investor began their sell-off on January 15 and has since offloaded a total of 614,000 SOL , valued at approximately $89 million, across platforms such as Coinbase, OKX, and Binance.
The sales have occurred at a steady pace, averaging one transaction per week. Recent on-chain data also indicates that around 100,000 SOL was recently withdrawn from staking services before being moved to these exchanges.
According to a recent report by CoinShares, Solana has experienced significant outflows from institutional crypto investment products, with $39 million leaving the platform last week alone.
This marks the largest recorded outflow, attributed to a decline in trading volumes of meme-based tokens, which are a major part of Solana’s ecosystem.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
CandyBomb x RAVE: Trade futures to share 200,000 RAVE!
Bitget TradFi: Trade gold, forex, and more assets in one account
CandyBomb x US: Trade to share 5,400,000 US
[Initial Listing] Bitget to list Almanak (ALMANAK). Grab a share of 4,200,000 ALMANAK