Analysis: The largest unlock in SOL's history is approaching, with several VCs holding billions of dollars in unrealized profits

ChainCatcher news, according to Cointelegraph, crypto market maker Wintermute has withdrawn $38.2 million worth of SOL from Binance in the past 24 hours. There is one week left until the largest token unlock in Solana's history (worth $2 billion), with 11.2 million SOL set to be unlocked on March 1. The price of SOL has recently come under pressure, dropping over 7.5% in the past 24 hours to a nearly three-month low of $155.

Crypto analyst Artchick.eth stated, "Over the next three months, more than 15 million SOL (approximately $2.5 billion) will enter circulation, most of which were purchased by institutions such as Galaxy Digital, Pantera Capital, and Figure through FTX auctions at $64 per SOL. Several VCs still have substantial profits."

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