A prominent Solana whale has continued a substantial selloff, recently transferring $2.8 million worth of SOL tokens to various exchanges. This transaction is part of an ongoing series of sales that began in January 2024, bringing the total amount sold to approximately $86 million for the year.
Whale Activity Highlighted by On-Chain Data
On August 13th, on-chain analytics firm LookOnChain reported the whale’s activity, noting consistent weekly sales since January 15th. The whale has transferred at least 594,000 SOL tokens to major exchanges such as Coinbase, Binance, and OKX over the course of the year. With SOL’s current price hovering around $145.07, the whale’s strategy appears to involve dollar-cost averaging, gradually selling off tokens rather than executing a single, large transaction.
Selloff Continues Despite Positive Market Prospects
The ongoing selloff comes despite growing excitement around a potential U.S.-based Solana exchange-traded fund (ETF). Asset managers like VanEck and 21Shares have filed applications for a spot Solana ETF, with the U.S. Securities and Exchange Commission (SEC) expected to make a decision by March 2025. Although the approval of spot Bitcoin and Ethereum ETFs has raised hopes that Solana could be next, some experts remain cautious about the likelihood of approval.
Meanwhile, Solana ETFs have made strides in other markets. On August 7th, the Brazilian Securities and Exchange Commission (CVM) approved a Solana-based ETF, marking the first of its kind in Brazil and among the pioneering Solana-based exchange-traded products (ETPs) globally. The ETF is currently in a pre-operational phase, awaiting final approval from the Brazilian stock exchange, B3. However, the potential for a U.S.-based Solana ETF remains a significant factor that could influence SOL’s price.
Mixed Signals in Ether Whale Activity
While the Solana whale continues its selloff, whale activity in Ether (ETH) has shown mixed trends. Following the launch of the Ethereum ETF, some ETH whales have begun offloading tokens, while others are strengthening their positions. On August 12th, LookOnChain flagged a $13.2 million Ether transaction to OKX, part of a selloff by a whale who has been liquidating tokens since July 8th. This whale, which received 1 million ETH during the Ethereum initial coin offering (ICO), has sold approximately $154 million in tokens at an average price of $3,176.
In contrast, another Ethereum whale has taken a bullish stance, purchasing 5,000 ETH worth about $12.8 million on the same day. Notably, this whale also bought Ether when it dipped to $2,100, just before it rebounded to $3,100, according to a post by Scopescan on August 12th.
The contrasting behaviors of Solana and Ether whales highlight the uncertainty and varied strategies within the cryptocurrency market, even as new financial products and regulatory developments continue to shape the landscape.
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