FalconX Moves 413K Solana Worth $98M – Impact On SOL Price

Recently, FalconX withdrew 413,075 SOL, valued at $98.4 million, from major exchanges including Binance, OKX, Coinbase, and Bybit. This activity occurred within eight hours and was identified by blockchain trackers as significant due to its scale and speed.

Key Points

FalconX is known as the largest digital asset prime brokerage, often engaging in institutional-level transactions.
The withdrawal suggests a move into custody or cold storage, reducing SOL's availability on exchanges.
This reduction in exchange supply could influence SOL's price if demand remains steady or increases.
Large withdrawals can lead to tighter liquidity on exchanges, potentially causing sharper price movements.
Market analysts view such activity as indicative of accumulation phases, impacting short-term availability and supply perceptions.
The ongoing attention to FalconX's actions may affect market dynamics and trading strategies for SOL.

These developments highlight the potential for volatility in SOL's price based on changes in supply and demand dynamics. Traders are likely to monitor order books closely following FalconX's recent transactions.

Blockchain activity