According to on-chain data, crypto whales have sold tens of millions of dollars worth of Solana (SOL) since the beginning of the year.
According to blockchain tracking site Lookonchain, the whale sold its first batch of SOL on January 15.
According to on-chain data, the whale released 614,000 SOL (equivalent to approximately $89 million) to cryptocurrency exchanges Coinbase, OKX, and Binance over the next few weeks and months.
According to Lookonchain, this whale averages one sale per week.
A closer look at the on-chain data shows that approximately 100,000 SOL was withdrawn from staking platforms over the past 30 days and deposited into three cryptocurrency exchanges.
As of this writing, SOL is trading at $142.66.
According to a recent report from digital asset manager CoinShares, millions of dollars were lost from Solana’s institutional cryptocurrency investment product last week.
“Solana saw its largest outflow on record, $39 million, as trading volumes for the heavily reliant Mimecoin dropped sharply.”
In contrast, Bitcoin (BTC) and Ethereum (ETH) investment products recorded inflows during the same period.
“Bitcoin saw the largest inflows, with a total of $42 million, while short-term Bitcoin ETFs (exchange-traded funds) saw outflows for the second week in a row, with a total of $1 million.
Ethereum only saw $4.2 million inflows last week, but this masked the flurry of activity, with new providers seeing $104 million inflows while Grayscale saw $118 million outflows.”
Don’t miss out – subscribe to receive email notifications straight to your inbox
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Generated image: Midjourney