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 Recent on-chain data also indicates that around 100,000 SOL was recently withdrawn from staking services before being moved to these exchanges.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.