Whale AiMFH9 unstaked and sold 53,194 SOL tokens for 12.41 million USDC at a price of $233 per token, generating an approximate profit of $3.2 million, as broader market sentiment for Solana faces uncertainty.

The Event in Detail

On-chain data indicates that a whale identified as AiMFH9 unstaked 53,194 SOL tokens and subsequently sold the entire amount at a price of $233 per token. This transaction resulted in the acquisition of 12.41 million USDC, yielding an approximate profit of $3.2 million for the whale. This action represents a significant, immediate liquidation within the Solana ecosystem.

Market Implications

This individual whale's profit-taking action occurs amidst a period of notable Solana token movements by larger entities. The bankrupt FTX Estate and Alameda entities recently unstaked approximately 192,000 SOL, valued at $44.9 million, as part of their liquidation schedule. Since November 2023, the FTX Estate has redeemed and transferred nearly 9 million SOL, totaling approximately $1.21 billion at an average price of $134. Despite these sales, the estate maintains a substantial holding of roughly $977 million in staked SOL. Conversely, Galaxy Digital has increased its Solana holdings, acquiring an additional 706,790 SOL, valued at approximately $160 million, bringing its 24-hour purchases to 2.15 million SOL, worth an estimated $486 million. The short-to-long ratio in Solana futures has reached 4:1, with a rise in open interest and negative funding rates, signaling prevailing bearish sentiment among traders.

Broader Context

The Solana ecosystem is preparing for significant liquidity events in early 2025, with institutional SOL token unlocks. On March 1, 1.12 million SOL tokens are projected to unlock, part of a larger trend seeing over 15 million SOL—valued at more than $7 billion—scheduled to enter circulation across February, March, and April 2025. These unlocks involve tokens previously acquired by institutional investors such as Galaxy Digital and Pantera Capital. While analysts warn of potential selling pressure, Galaxy Digital argues that a 2.31% supply unlock may not overwhelm Solana's reported $36 billion daily trading volume. Counterbalancing this outlook are anticipated upgrades, such as the Firedancer enhancement and the potential launch of a Solana ETF, which some analysts suggest could act as catalysts for a market rebound in 2025 and 2026. The upcoming unlock events are not unique to Solana, as a broader wave of token unlocks impacting multiple major altcoins is expected in September 2025.