A cryptocurrency whale has sold tens of millions of dollars worth of Solana (SOL) since the start of the year, on-chain data shows.
According to blockchain tracker Lookonchain, the whale initially sold the first batch of SOL on January 15.
In the weeks and months that followed, the whale dumped 614,000 SOL worth $89 million on crypto exchanges Coinbase, OKX, and Binance, according to on-chain data.
According to Lookonchain, the whale makes an average of one sale per week.
Taking a closer look at the on-chain data, it appears that a reserve of approximately 100,000 SOL was withdrawn from staking platforms over the past 30 days before being deposited into the three crypto exchanges.
SOL is trading at $142.66 at the time of writing.
In a new report, digital asset manager CoinShares says Solana’s institutional crypto investment products saw millions of dollars in outflows last week.
“Solana saw its largest-ever outflow of $39 million as it grappled with a sharp decline in trading volumes for memecoins, on which it relies heavily.
In contrast, Bitcoin (BTC) and Ethereum (ETH) investment products saw inflows over the same period.
“Bitcoin saw the largest inflows, totaling US$42 million, while short-term Bitcoin ETFs (exchange-traded funds) saw outflows for the second consecutive week totaling US$1 million.
Ethereum only saw $4.2 million in inflows last week, though that masks a flurry of activity, with new providers seeing $104 million in inflows, while Grayscale saw $118 million in outflows.
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