A whale wallet sold almost $100 million worth of Solana in 2024. Lookonchain dug into the numbers and now speculates that the wallet could belong to an institutional player.
$100 Million Dumped to Solana
Since the start of 2024, the wallet in question has sold an average of 19,306 Solana, worth $2.76 million.
In total, 695,000 Solana were sold for $99.5 million. After those sales, the whale still owns 1.88 million Solana worth $237.68 million. Those coins are currently staked on the blockchain.
In addition to Solana, whales are also active in Bitcoin at the moment. Recently, a whale withdrew 1,100 Bitcoin worth $64.26 million from a Binance wallet.
In principle, this is a positive development for Bitcoin, because Bitcoin is no longer on an exchange. On the other hand, it is possible that the whale in question opts for an OTC deal and sells the Bitcoin privately.
You often see that big players prefer to sell their Bitcoin outside of exchanges to avoid losing money due to lack of liquidity.
Whale posts multi-million loss on Aave
An early investor in Aave was also spotted on the blockchain, who sold his capital for a huge loss.
The whale in question bought Aave for $4.3 million in March 2021. Those exact tokens were sold a few hours ago for $2.16 million, for a loss of $2.14 million.
This just goes to show that it’s not all roses and moonshine. Not even for investors who were relatively early.
In recent months, the price of Aave has recovered considerably. Over the past year, the price of the project has increased by almost 135%. In that respect, this whale has been doing a lot worse.
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Source: https://newsbit.nl/whale-verkoopt-voor-bijna-100-miljoen-aan-solana/
