$89M SOL Sale by Solana Whale Recorded Over Eight-Month Period, On-Chain Data Shows
A cryptocurrency whale has sold off $89 million worth of Solana (SOL) since January, according to on-chain data from Lookonchain.
The whale, who started selling on January 15, has offloaded 614,000 SOL through Coinbase, OKX, and Binance, averaging one sale per week. Recent data shows the whale withdrew about 100,000 SOL from staking platforms in the past month before transferring the funds to these exchanges.
Meanwhile, CoinShares reports significant outflows from Solana institutional investment products, totaling $39 million last week, amid a decline in memecoin trading. In contrast, Bitcoin and Ethereum investment products saw inflows during the same period.
Clever Robot News Desk 23rd August 2024
