The largest unlocking in SOL history is approaching, and many VCs hold billions of dollars in unrealized profits

Golden Finance reported that crypto market maker Wintermute withdrew $38.2 million worth of SOL from Binance in the past 24 hours. There is still one week left before Solana's largest token unlocking in history (worth $2 billion), and 11.2 million SOL will be unlocked and circulated on March 1.

SOL prices have been under pressure recently, falling more than 7.5% in the past 24 hours to a nearly three-month low of $155. Crypto analyst Artchick.eth said, "More than 15 million SOL (about $2.5 billion) will enter circulation in the next three months, most of which will be purchased by institutions such as Galaxy Digital, Pantera Capital and Figure through FTX auctions at $64 per SOL, and many VCs still have huge profits."

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