On-chain data tracked by Arkham Intelligence has revealed that a notable Solana staking wallet has seen most of its gains accumulated over five years wiped out by the recent market downturn. The investor originally took a position worth approximately $26 million, which soared to as high as $337 million at its peak. However, following the latest slide in Solana’s price, the wallet’s current holdings have dropped back to around $26 million, effectively erasing five years of growth.
Five years of profits nearly erased
Arkham Intelligence, a blockchain analytics firm known for monitoring wallet flows, reports that the wallet currently contains a total of 399,327 SOL. At a SOL price of approximately $66, these holdings are now valued at about $26.46 million.
According to Arkham Intelligence data, the wallet’s position in Solana increased twelvefold during the crypto’s bull run, but post-selloff, the portfolio has returned close to its original value.
Rather than offloading the entire position at once, the investor opted for a phased sale strategy. During this process, about $137.67 million worth of SOL was sold via Kraken and Binance. This allowed the investor to largely protect the original $26 million principal, even as the value of remaining holdings sharply declined with the recent price drop.
Other assets in the wallet, such as AISM, OZA, and similarly small tokens, had minimal influence on the total value. The portfolio remained heavily weighted toward SOL throughout.
Large transfers directed to exchanges
On-chain activity over the past four months showed roughly $23 million in SOL moved to exchange deposit addresses. Significant transfers, ranging between 50,000 and 120,000 SOL, were withdrawn from staking pools and sent to centralized exchanges in this period.
Transferring approximately $23 million worth of SOL to exchange addresses within four months is seen as indicative of the investor’s risk reduction strategy and shift toward liquidity.
Additionally, another anonymous wallet was reported to have moved 1,350,000 SOL (worth $84.06 million) to Coinbase Institutional. Coinbase Institutional offers custody and trading services to corporate clients.
| Indicator | Data |
|---|---|
| Current wallet balance | 399,327 SOL |
| Current value | $26.46 million |
| Past peak value | $337 million |
| Amount withdrawn via phased sales | $137.67 million |
| Coinbase Institutional transfer | 1,350,000 SOL, $84.06 million |
Weak price, futures, and fund flows persist
At the time of reporting, Solana was priced at $66.09, struggling to hold just above the closely-watched $66 threshold. In the spot market, CoinGlass data revealed $48.32 million in inflows and $38.76 million in outflows, leading to a net positive flow of $9.56 million.
In the derivatives market, open interest climbed by 7.87% to $4.50 billion. Despite downward price pressure, this increase suggests continued capital inflows into derivatives and persistent market volatility expectations.
Institutional demand appeared to weaken. Data from SoSoValue shows that related funds experienced a $6.52 million net outflow over the past week, ending a four-week streak of gains. The funding rate turned negative, dropping to its lowest level since late February, reinforcing a cautious market sentiment. Specifically, the report cites a negative rate of 0.0192% and a long-to-short ratio of 0.95.
