In the past 24 hours, Wintermute transferred over $38 million Solana, occurring just before the largest token unlock in the project's history.
Wintermute's Major Transaction
According to Arkham Intelligence, Wintermute withdrew over $38.2 million worth of Solana from the Binance exchange in the 24 hours leading up to 9:02 am UTC on February 24. This transaction happened nearly a week before the largest Solana token unlock in the project's history.
Upcoming Solana Unlock
A significant token unlock is scheduled for March 1, releasing over 11.2 million SOL tokens into circulation. Solana's price has already dropped by over 7.5% in the past 24 hours, hitting a three-month low of $155, as reported by Cointelegraph Markets Pro.
Potential Market Impact
Some crypto industry analysts are concerned that the upcoming unlock may introduce significant selling pressure. Many SOL tokens from this unlock were purchased at FTX auctions for $64, and analysts believe that firms like Galaxy Digital and Pantera Capital are likely to sell their allocations post-unlock.
The upcoming Solana token unlock could impose significant market pressure, especially since many tokens were acquired at lower prices. Such a scenario might intensify selling and affect Solana's market dynamics.
