A large holder of Solana (SOL) has been consistently selling off tens of millions of dollars worth of the cryptocurrency since the beginning of the year, as shown by on-chain data.
According to data from Lookonchain, the whale initiated the first sale of SOL on January 15th.
Over the following weeks and months, the whale has sold 614,000 SOL valued at $89 million on various exchanges including Coinbase, OKX, and Binance.
The whale has been consistently selling approximately one batch per week, according to Lookonchain.
Further analysis of on-chain data reveals that around 100,000 SOL was withdrawn from staking platforms in the last 30 days before being deposited into the mentioned exchanges.
Currently, SOL is trading at $142.66.
In a recent report, CoinShares noted that institutional investment products in Solana experienced significant outflows, with a record $39 million leaving the platform due to a decline in trading volumes of meme coins.
On the other hand, Bitcoin and Ethereum investment products saw inflows during the same period.
Bitcoin attracted the most significant inflows at $42 million, while Ethereum received $4.2 million. However, new providers saw $104 million inflows for Ethereum, with Grayscale witnessing $118 million outflows.
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Image credit: Midjourney
