Wintermute withdrew over $38.2 million worth of Solana (SOL) from Binance ahead of a significant token unlock scheduled for March 1, which will release over 11.2 million SOL tokens into circulation. This withdrawal occurred within 24 hours leading up to February 24, raising concerns about potential selling pressure amid declining market sentiment, as Solana's price recently dropped over 7.5% to an over three-month low. Crypto analysts predict that this token unlock could lead to further selling, as major firms like Galaxy Digital and Pantera Capital hold substantial unrealized profits from SOL purchased at discounted prices during FTX auctions. Observers are wary that, with additional inflation leading to further SOL entering the market, significant profit-taking may occur, exacerbating the selling pressure.

Source šŸ”—