SOL's largest unlock in history is approaching, with multiple VCs holding billions of dollars unrealized profits
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Golden Finance reported that crypto market maker Wintermute has extracted $38.2 million worth of SOL from Binance in the past 24 hours, and is still one week away from Solana's largest token unlock (worth $2 billion) in history, with 1,120 on March 1 Ten thousand SOLs unlock circulation. SOL prices have been under pressure recently, falling more than 7.5% in the past 24 hours, falling to a nearly three-month low of $155.
Crypto analyst Artchick.eth said, “More than 15 million SOLs (about $2.5 billion) will be in circulation in the next three months, most of which will be sold by Galaxy Digital, Pantera Capital and Figure through FTX auctions for $64 per piece. SOL purchases, and many VCs still have huge profits.”
Trader RunnerXBT pointed out, "Galaxy Digital, Pantera and Figure hold unrealized profits of US$3 billion, 1 billion and 150 million on SOL respectively. The market speculates that these institutions may sell their positions, and the LIBRA meme coin scam endorsed by Argentine President Mile recently Intensified the market panic.”