Solana Whale Offloads $89 Million in SOL Over 8 Months: On-Chain Data Reveals
A cryptocurrency whale has offloaded tens of millions of dollars in Solana (SOL) since the beginning of the year, according to on-chain data.
Solana Whale Offloads $89 Million in SOL Over 8 Months: On-Chain Data Reveals Blockchain tracker Lookonchain reveals that the whale began selling SOL on January 15th. Over the following months, the whale sold 614,000 SOL, valued at $89 million, across major exchanges including Coinbase, OKX, and Binance. On average, the whale executed one sale per week.
Further analysis of on-chain data indicates that approximately 100,000 SOL were withdrawn from staking platforms in the past 30 days before being deposited into these exchanges. As of now, SOL is trading at $142.66.
In related news, CoinShares reports significant outflows from Solana institutional crypto investment products. Last week, Solana experienced record outflows of $39 million, largely attributed to a sharp decline in trading volumes of memecoins, a key component of its ecosystem.
In contrast, Bitcoin (BTC) and Ethereum (ETH) investment products saw positive inflows. Bitcoin saw inflows of $42 million, while short-bitcoin ETFs experienced outflows of $1 million for the second consecutive week. Ethereum recorded modest inflows of $4.2 million, with new providers gaining $104 million, while Grayscale saw $118 million in outflows.
