A cryptocurrency whale has sold tens of millions of dollars worth of Solana (SOL) since the beginning of the year, data from the chain shows.
According to blockchain tracker Lookonchain, the whale was initially sold the first batch of SOL on January 15.
Over the following weeks and months, the whale unloaded 614,000 SOL worth $89 million on crypto exchanges Coinbase, OKX and Binance, per on-chain data.
The whale is sold on average once a week, according to to Lookonchain.
Taking a closer look at the on-chain data, it appears that a supply of approximately 100,000 SOL has been withdrawn from staking platforms over the past 30 days before being deposited on the three crypto exchanges.
SOL is trading at $142.66 at the time of writing.
In a new report, digital asset manager CoinShares says Solana’s institutional crypto investment products witnessed millions of dollars in outflows last week.
“Solana saw an outflow of $39 million, the largest on record, as it faced a sharp decline in trading volumes of memecoins, on which it is heavily dependent.”
In contrast, the investment products Bitcoin (BTC) and Ethereum (ETH) registered inflows during the same period.
“Bitcoin saw the largest inflows, totaling $42 million, while short bitcoin ETFs (exchange-traded funds) saw outflows totaling $1 million for the second week in a row.
Ethereum only saw inflows of $4.2 million last week, although this masked a flurry of activity, with new providers seeing inflows of $104 million, while Grayscale saw outflows of $118 million.”
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Generated image: Midjourney