Wintermute Moves $40M in Solana as Massive Token Unlock Looms

Crypto market maker Wintermute has withdrawn nearly $40 million worth of Solana (SOL) from Binance within the past 24 hours, ahead of a major token unlock set to reshape Solana’s supply dynamics.

Arkham Intelligence data reveals that Wintermute’s transfers, totaling over $38.2 million, occurred before Solana’s largest token release to date. Scheduled for March 1, the unlock will introduce more than 11.2 million SOL—valued at approximately $2 billion—into circulation.

The anticipation of this influx has already sent Solana’s price tumbling. In the past 24 hours, SOL has dropped over 7.5%, hitting a three-month low of $155. Concerns are mounting that the newly unlocked tokens, many of which were acquired at deep discounts through FTX auctions, could trigger a new wave of selling pressure.

Over the next three months, an estimated 15 million SOL—worth roughly $2.5 billion—will enter the market. Firms like Galaxy Digital, Pantera Capital, and Figure purchased substantial allocations at just $64 per SOL in FTX’s liquidation sales.

The majority of this SOL was bought at $64 in FTX auctions by Galaxy. By the time this SOL unlocks, another ~$1B of SOL will be produced through inflation and likely sold off as well.

According to analysis, Galaxy Digital, Pantera Capital, and Figure stand to gain $3 billion, $1 billion, and $150 million, respectively, in unrealized profits—an incentive for them to sell rather than hold their allocations.

Market sentiment surrounding Solana has been further dampened by the recent Libra (LIBRA) memecoin scandal. The project, which was promoted by Argentine President Javier Milei, collapsed in a massive rug pull, draining over $107 million in liquidity and wiping out $4 billion in investor funds.

As Solana’s unlock date approaches, traders and investors remain on high alert, closely watching whether major stakeholders will cash out or hold steady in the face of potential volatility.