An individual holding a substantial amount of Solana (SOL) has been consistently selling off tens of millions of dollars worth of the cryptocurrency since the beginning of the year, as indicated by on-chain data.
According to data from Lookonchain, the initial batch of SOL was sold by this individual on January 15th. Subsequently, over the following weeks and months, the whale has sold 614,000 SOL valued at $89 million on various crypto exchanges including Coinbase, OKX, and Binance.
According to Lookonchain, the whale has been consistently making one sale per week. Further analysis of on-chain data reveals that approximately 100,000 SOL was withdrawn from staking platforms in the last 30 days before being deposited into the aforementioned exchanges.
As of the time of writing, SOL is trading at $142.66. Recent data from CoinShares highlights that Solana institutional crypto investment products experienced significant outflows last week, with $39 million being the largest on record due to decreased trading volumes of memecoins.
On the other hand, Bitcoin and Ethereum investment products saw inflows during the same period. Bitcoin had the most substantial inflows at $42 million, while Ethereum saw $4.2 million inflows, with new providers attracting $104 million in inflows.
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Generated Image: Midjourney