One prominent Solana whale intensified its massive sale, adding $2.8 million to the $86 million worth of SOL tokens that have been sold in total since January.
Investors are closely scrutinizing the strategy of the whale in light of recent developments within the Solana eco-system.
SOL tokens sell for $2.8 Million in a new wave of whale sales
On January 15, the whales’ selloff started. The latest sale involved 20,000 SOL tokens valued at $2.8 million.
The total sold amounts to $86,000,000, which continues the trend of weekly sales that has marked this year.
LookOnChain, an on-chain analytics company, reports that around 594,000 SOL tokens have been moved from major exchanges such as Binance, Coinbase and OKX since the sale began.
These transactions, which are based on SOL’s price of $145.07 may be a result of a strategy, perhaps a dollar cost averaging.
US and Brazilian Solana Funds
It is no coincidence that the whale has sold off a large amount of its stock, as there’s a growing interest in Solana and the ecosystem it supports. This includes the possibility of launching exchange-traded fund (ETF) based on Solana.
VanEck and 21Shares, two asset managers in the United States have submitted applications for an ETF that tracks the spot Solana. The Securities and Exchange Commission is expected to make a decision by March 2025.
Market experts are cautiously optimistic, but the optimism around Solana ETFs is a result of approvals for Bitcoin and Ethereum ETFs.
The Brazilian Securities and Exchange Commission approved an ETF for Solana on 7 August, a major development in the market.
Brazilian ETF still awaits further approval by the Brazilian Stock Exchange, B3. It would be one of the world’s first exchange traded products based on Solana. This product offers investors an alternative way to gain exposure to Solana.
The continued selling of the whale despite these positive developments indicates that there may be a level of insecurity or profit taking which could affect Solana’s short-term prices.
Ethereum Whales Display Mixed Signals
While Solana is gaining attention, Ethereum Whales’ trading strategies are sending mixed signals. While some Ethereum whales reduce their holdings while others increase their positions, this reflects divergent opinions on the future of the asset.
Since July 8, an Ethereum whale associated with its initial coin offering has actively sold tokens. This whale sold $13.2M worth of Ether on August 12 to OKX. Their total sale of $154M at a price of $3.176 was $154M.
A second Ethereum whale also made an important purchase that day. He bought 5,000 ETH at a price of approximately $12,8 million. The whale used a buy-the dip strategy in the past, buying Ether for $2,100 and then seeing it rise to $3,100.
The disparity between Ethereum whales and other investors reflects the current market insecurity, with investors navigating a volatile market environment while weighing their strategies to respond to changing market dynamics.
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