A mysterious Solana whale has now offloaded more than $86 million worth of SOL tokens since January and has recently deposited nearly $2.8 million on cryptocurrency exchanges, in what appears to be a continuation of its sell-off.
According to data shared by on-chain analytics firm Lookonchain, the mysterious Solana whale has now sold a total of 594,000 SOL tokens worth $86 million so far this year, averaging one sale per week on cryptocurrency exchanges Binance, Coinbase, and OKX.
The identity of the whale remains unknown, but its persistent liquidation of Solana has raised eyebrows among market observers. The cryptocurrency has been grappling with volatility in recent months, and the whale’s actions have fueled speculation about broader market trends.
The whale’s divestment comes shortly after Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), approved the launch of a spot Solana exchange-traded fund (ETF), marking the launch of the first product of its kind in the country.
The ETF, issued by QR Asset and managed by Vortx, is still awaiting final approval from the Brazilian stock exchange, B3. Theodoro Fleury, manager and chief investment officer at QR Asset, said the ETF reaffirms its “commitment to offering quality and diversification to Brazilian investors.”
Earlier this month, as reported, cryptocurrency whales were seen “preparing for the next altcoin rally,” as they have set up limit buy orders for various altcoins beyond Bitcoin and Ethereum, to the point limit buy order volume for these coins has grown in an indicator that “strong buy walls are being set up.”
That’s according to the CEO of on-chain cryptocurrency analytics firm Ki Young Ju, who on the microblogging platform X (formerly known as Twitter) shared with his over 350,000 followers that these whales from setting up walls of limit sell orders to setting up walls of limit buy orders.
Featured image via Unsplash.
