The Largest Unlock in SOL History is Approaching, Several VCs Hold Billions of Dollars in Unrealized Gains

BlockBeats News, February 24th, according to Cointelegraph, crypto market maker Wintermute has withdrawn $38.2 million worth of SOL from Binance in the past 24 hours. Currently, there is one week left until Solana's largest-ever token unlock (worth $2 billion) on March 1st, when 11.2 million SOL will be unlocked for circulation. SOL's price has been under pressure recently, dropping over 7.5% in the past 24 hours to a three-month low of $155.

Crypto analyst Artchick.eth stated, "Over the next three months, over 15 million SOL (about $2.5 billion) will enter circulation, with the majority purchased by institutions such as Galaxy Digital, Pantera Capital, and Figure through FTX auctions at $64 per SOL, with many VCs still holding substantial profits."

Trader RunnerXBT pointed out, "Galaxy Digital, Pantera, and Figure hold unrealized profits of $3 billion, $1 billion, and $150 million on SOL, respectively. The market speculates that these institutions may sell off their positions, and the recent endorsement of the LIBRA meme coin scam by Argentine President Milei has exacerbated market panic."