According to the crypto tracker Lookonchain, a whale wallet has offloaded nearly $100 million worth of Solana (SOL) this year.
Lookonchain speculates that the mysterious wallet may belong to an institution.
The tracker reveals that the wallet has been selling an average of 19,306 SOL, equivalent to $2.76 million, every week since the start of 2024.
So far, it has sold a total of 695,000 SOL, amounting to $99.5 million for the year. The whale still has 1.88 million SOL, worth $237.68 million, staked according to Solscan.io.
At the time of writing, SOL is trading at $126.28, experiencing a 7% decline in the past 24 hours.
Lookonchain also notes that another unidentified whale wallet recently withdrew 1,100 Bitcoin (BTC) valued at $64.26 million from a hot wallet linked to the top crypto exchange Binance.
Current BTC trading price is $56,729, down nearly 5% for the day.
The blockchain monitor also identified an early investor in the DeFi protocol Aave (AAVE) who suffered substantial losses after holding for up to three years.
“An early AAVE holder sold all 17,447 AAVE ($2.16 million) [hours ago], losing $2.14 million!
This whale bought 17,447 AAVE ($4.3 million) from Binance on March 28th, 2021, and June 12th, 2023, at an average price of $246.”
As of now, AAVE is valued at $123.03, marking a nearly 9% decrease in the past day.
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