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The largest unlock in SOL history is approaching, with multiple VCs holding billions of dollars in unrealized profits

Internet reports that crypto market maker Wintermute has extracted US$38.2 million worth of SOL from Binance in the past 24 hours. There is still a week before the largest token unlock in Solana history (worth US$2 billion). On March 1, 11.2 million SOL will be unlocked and circulated. SOL prices have been under pressure recently, falling more than 7.5% in the past 24 hours to a nearly three-month low of $155. Cryptography analyst Artchick.eth said,"More than 15 million SOLs (about US$2.5 billion) will enter circulation in the next three months, most of which will be purchased through FTX auctions by institutions such as Galaxy Digital, Pantera Capital and Figure for US$64 per SOL. Many VCs still have huge profits." Trader RunnerXBT pointed out,"Galaxy Digital, Pantera and Figure hold unrealized profits of US$3 billion, US$1 billion and US$150 million respectively on SOL. The market speculates that these institutions may sell their positions, and the recent LIBRA meme coin scam endorsed by Argentine President Millay has exacerbated market panic."

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