Binance News: Wintermute Withdraws $38M in SOL Ahead of $2B Solana Token Unlock

Concerns Rise Over Selling Pressure as Solana Faces Major Unlock EventCrypto market maker Wintermute has withdrawn over $38.2 million in Solana (SOL) from Binance, sparking concerns about potential selling pressure ahead of Solana’s largest-ever token unlock. According to Arkham Intelligence data, the withdrawal took place within the last 24 hours, just days before 11.2 million SOL tokens—valued at approximately $2 billion—are set to enter circulation on March 1.Solana Price Hits 3-Month Low Amid Market FearsThe Solana price has dropped more than 7.5% in the past 24 hours, reaching $155, its lowest level since November 2024, according to Cointelegraph Markets Pro. Analysts warn that the upcoming token unlock could trigger significant selling pressure, as many of these tokens were purchased at discounted rates in FTX auctions by major firms like Galaxy Digital, Pantera Capital, and Figure.Crypto Analysts Warn of Potential Mass Sell-OffAccording to crypto analyst Artchick.eth, over 15 million SOL (worth approximately $2.5 billion) will be unlocked over the next three months, further increasing supply. Many of these tokens were acquired at $64 per SOL in FTX auctions, allowing large investors to realize substantial profits.Galaxy Digital: Stands to gain $3 billionPantera Capital: Could realize $1 billion in profitsFigure: May see $150 million in gainsCrypto trader RunnerXBT described this period as “dangerous” for SOL investors, warning that major firms have little incentive to hold their allocations in a declining market.Solana Sentiment Worsens After Memecoin ScandalAdding to market concerns, the recent Libra (LIBRA) memecoin scandal—endorsed by Argentine President Javier Milei—has eroded trust in the Solana ecosystem. The alleged rug pull drained over $107 million in liquidity, triggering a 94% price collapse and wiping out $4 billion in investor capital.With worsening market sentiment and a massive supply increase looming, investors are closely watching whether Solana’s token unlock will trigger further downside pressure in the coming weeks, according to Cointelegraph.