Whale Wallet Possibly Belonging to Institution Sells Nearly $100,000,000 Worth of Solana (SOL) This Year: Lookonchain

A whale wallet has sold off nearly $100 million worth of Solana (SOL) this year, according to the crypto tracker Lookonchain.

Lookonchain speculates that the unknown wallet could belong to an institution.

The crypto tracker notes it has hawked an average of 19,306 SOL worth $2.76 million every week since the beginning of 2024.

That totals 695,000 SOL worth $99.5 million for the year. The whale still has 1.88 million SOL worth $237.68 million staked, according to the Solana blockchain tracker Solscan.io.

SOL is trading at $126.28 at time of writing. The fifth-ranked crypto asset by market cap is down 7% in the past 24 hours.

Lookonchain also notes that a separate unknown whale wallet recently withdrew 1,100 Bitcoin (BTC) worth $64.26 million from a hot wallet associated with the top crypto exchange Binance.

BTC is trading at $56,729 at time of writing, down nearly 5% on the day.

The blockchain monitor also spotted an early investor in the decentralized finance (DeFi) protocol Aave (AAVE) taking on a massive loss after holding for as long as 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.”

At time of writing, AAVE is worth $123.03, down nearly 9% in the past day.

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