According to cryptocurrency tracking site Lookonchain, whale wallets have sold off nearly $100 million worth of Solana (SOL) this year.
Lookonchain speculates that the unknown wallet may have belonged to some institution.
The cryptocurrency tracking site found that since early 2024, an average of 19,306 SOL (equivalent to about $2.76 million) has been traded each week.
That’s 695,000 SOL per year, or $99.5 million. According to Solana blockchain tracker Solscan.io, whales still hold 1.88 million SOL, worth $237.68 million.
SOL is trading at $126.28 at the time of writing. The fifth-largest cryptocurrency by market cap is down 7% in the last 24 hours.
Lookonchain also noted that a separate unknown whale wallet recently withdrew 1,100 Bitcoins (BTC) worth $64.26 million from a hot wallet associated with the largest cryptocurrency exchange, Binance.
At the time of writing, BTC is trading at $56,729, down about 5% from the previous day.
Blockchain Monitor also found that early investors in decentralized finance (DeFi) protocol Aave (AAVE) suffered huge losses after holding their coins for up to three years.
“Early AAVE holders sold all 17,447 AAVE ($2.16M) (a few hours ago), losing $2.14M!
The whale bought 17,447 AAVE ($4.3 million) on Binance between March 28, 2021 and June 12, 2023, at an average price of $246.”
At the time of writing, AAVE is valued at $123.03, down about 9% over the past day.
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