Solana Price Drops As Wintermute Initiates 20M SOL Trade
The post Solana Price Drops As Wintermute Initiates 20M SOL Trade appeared on BitcoinEthereumNews.com.
Solana, currently ranked the sixth-largest cryptocurrency, is in the red, its price dropping more than 14% in the last 24 hours. The declining prices follow large SOL transfers from the Binance exchange by Wintermute, a leading market maker. These transfers, which come ahead of a $2 billion FTX token unlock, have raised concerns about selling pressure as market sentiment worsens. Wintermute Withdraws about 20 Million SOL in Tranches According to Arkham Intelligence, Wintermute withdrew 20 million SOL, valued at over $3 million, from Binance in just 24 hours. As a result, Wintermute addresses known to Arkham currently hold 171,000 SOL, equivalent to $26.47 million. Wintermute transferred the 20 million SOL from Binance in different batches. The largest withdrawal occurred in earlier trading hours, saw the firm remove 49,640 SOL from one of its wallets to a Binance hot wallet. – Advertisement – Other sizable withdrawals include 20,975 SOL, 13,374 SOL, 13,993 SOL, and 6,675 SOL. The sell-off began at approximately 6:00 AM UTC and continued for several hours. By the end of the trading session, Binance had executed sales worth more than $2 billion in SOL. The latest transfers from Wintermute occurred days before Solana’s $2-billion token unlock, which is set for March 1. This event will see over 11.2 million SOL tokens released into circulation. Significant Solana Buyback Within 1 Hour Within one hour of these transfers, Wintermute bought back a huge chunk of SOL from Binance, Coinbase, Kraken, and Bitvavo. The market maker purchased about 86,000 SOL coins valued at approximately $12.9 million. On the other hand, Wintermute purchased about 1,064 BTC, with the selling price at the time being approximately $94,680 per BTC. The market maker added over $100 million to its Ethereum holdings. Shortly after, Bitcoin’s price dropped by 0.5% with the market suspected of manipulating…
Filed under: News - @ February 24, 2025 11:26 pm