Crypto Whale Offloads Tens of Millions in Solana as Institutional Outflows Surge
22.08.2024 19:00 1 min. read Alexander Stefanov
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 Recent on-chain data also indicates that around 100,000 SOL was recently withdrawn from staking services before being moved to these exchanges.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.
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