38.2 million USD SOL was withdrawn from Binance by Wintermute. Is Solana’s 2 billion USD token unlocking imminent?

Recently, the crypto market has been in trouble again. On February 24, Cointelegraph reported that crypto market maker Wintermute has extracted $38.2 million worth of SOL from Binance in the past 24 hours. This operation instantly attracted the attention of many investors and market observers. As a crypto market maker, Wintermute's capital trends often have a significant impact on the market. The intention behind this large-scale extraction of SOL has aroused speculation.

At the same time, Solana is also facing a key node. It's only a week before the largest token unlock in Solana's history. On March 1, 11.2 million SOLs will be unlocked for circulation, worth up to US$2 billion at current prices. Such a large-scale unlocking will undoubtedly bring a huge impact on the market. A large number of tokens pouring into the market may change the supply and demand relationship of SOL.

SOL prices have been under significant pressure recently. In the past 24 hours, its price has fallen by more than 7.5%, and has fallen to a nearly three-month low of $155. The sharp drop in prices has made investors holding SOL worry. The market panic is also gradually spreading, and many people are beginning to re-examine their investment strategies in SOL.

Crypto analyst Artchick.eth said that over 15 million SOLs will be in circulation in the next three months, with about $2.5 billion. Most of these tokens were purchased by Galaxy Digital, Pantera Capital and Figure through FTX auctions for US$64 per SOL. These institutions initially bought at a low price, but now they make a lot of profits.

At current prices, trader RunnerXBT pointed out that Galaxy Digital, Pantera and Figure held $3 billion, $1 billion and $150 million in SOL, respectively. Such a huge profit makes the market speculate that these institutions may sell their positions. Once these institutions choose to sell, the price of SOL is likely to fall further.

In addition to the potential selling pressure from institutions, the recent LIBRA meme coin scam endorsed by Argentine President Mile has also exacerbated market panic. Investors' trust in the crypto market has been hit, and market uncertainty has further increased. In this case, the price trend of SOL is even more difficult to predict.

For ordinary investors, they need to be more cautious in the face of such a complex market situation. When deciding whether to continue holding SOL or make related investments, we must fully consider future market risks. Large-scale token unlocking and possible institutional sell-offs may bring huge fluctuations to prices.

Judging from the overall market environment, the crypto market has always been full of uncertainty. Policy changes, market manipulation and various emergencies may cause severe market fluctuations. This Solana's token unlocking event is just a microcosm of many uncertainties.

For Solana project parties, how to deal with the upcoming large-scale token unlocking is also a huge challenge. They need to take measures to stabilize market confidence and avoid price plunges caused by large amounts of token circulation, affecting the development of the project.

In the world of cryptocurrencies, information spreads extremely quickly and market sentiment is easily affected. A seemingly inconspicuous news may cause significant fluctuations in the market. The Wintermute withdrawal of SOL and Solana token unlocking incident has caused a sensation in the market.

As March 1 approaches, the market is closely watching Solana's dynamics. How the price of SOL will change and whether institutions will really sell their positions are all unresolved, which has become a question in investors' minds. And these uncertainties have also made the crypto market more confusing.