Crypto Whale Incurs $678K Loss, Shifts 202K $SOL to Binance

A crypto whale has recently incurred significant losses on unstaked Solana ($SOL) tokens. As per the data from Lookonchain, the whale unstaked as well as transacted a massive 202,604 $SOL from the Solana blockchain and transacted them to Binance to mitigate losses. The on-chain analytics firm disclosed this development on social media.

Crypto Whale Unstakes 202K $SOL from Staking to Prevent Further Losses

The market data reveals that the crypto whale had originally extracted up to 201,755 $SOL (almost $24.3M) from Binance nearly 3 weeks back. In this respect, the whale directed them into the staking account thereof.  That was the time when $SOL was trading at nearly $124. Following that, a few hours back, $SOL’s price has reportedly plunged. This paved the way for a huge realized loss of up to $678,000 for the whale as the whale has re-deposited the coins into Binance.

The transaction track additionally discloses a gradual $SOL flow over the recent few weeks. Nearly 3 weeks back, the whale shifted approximately $24.95M from Binance into Solana-based staking account. During the same time, more assets shifted from the hot wallets on Binance. These transactions comprised 157.909K $SOL, 43.847K $SOL, and 0.098 $SOL. However, after incurring considerable losses, the whale moved 202.651K $SOL (approximately $24.27M) back to their wallet. Subsequently, 24.602 $SOL (nearly $24.3M) were shifted back to Binance.

Solana Continues to Decline Amid Uncertain Market Conditions

According to Lookonchain , this maneuver clarifies that even whales are susceptible to crypto market volatility. The incident also highlights the increasing caution among the crypto investors amid the market fluctuation. The strategic extraction, staking and ultimate return of $SOL assets to Binance underscore the whale’s attempt to capitalize on their staking rewards. However, amid the ongoing short-term downturn of $SOL, market onlookers keep watching for the signs of a recovery or a further decline.