A cryptocurrency whale has sold off tens of millions of dollars worth of Solana (SOL) since the year started, on-chain data shows.
According to blockchain tracker Lookonchain, the whale initially sold the first batch of SOL on January 15th.
Over the ensuing weeks and months, the whale unloaded 614,000 SOL worth $89 million on Coinbase, OKX and Binance crypto exchanges, per on-chain data.
The whale has averaged one sale per week, according to Lookonchain.
Looking closer at on-chain data, it appears that a stash of approximately 100,000 SOL was withdrawn from staking platforms over the last 30 days before being deposited into the three crypto exchanges.
SOL is trading at $142.66 at time of writing.
In a new report, digital assets manager CoinShares says that Solana institutional crypto investment products witnessed millions of dollars in outflows last week.
“Solana saw outflows of US$39 million, the largest on record, as it faced a sharp decline in trading volumes of memecoins, on which it heavily relies.”
In contrast, Bitcoin (BTC) and Ethereum (ETH) investment products recorded inflows over the same period.
“Bitcoin saw the most significant inflows, totaling US$42 million, while short-bitcoin ETFs (exchange-traded funds) saw outflows for the second consecutive week totaling US$1 million.
Ethereum saw only US$4.2 million inflows last week, although this masked a flurry of activity, with new providers seeing US$104 million inflows, while Grayscale saw US$118 million outflows.”
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Generated Image: Midjourney