SOL unlocking countdown and BlackRock ETF silence double pressure, institutional holdings floating profit game market sentiment

Recently, the Solana ecosystem is facing a dual test of unlocking tokens worth $2 billion and uncertainty in the layout of mainstream institutional ETFs. On March 1st, 11.20 million SOL (about $2 billion) will be officially unlocked for circulation, setting a record for the largest release in the history of the network. On-chain data shows that market maker Wintermute has withdrawn $38.20 million of SOL from the exchange, superimposed with over $4 billion of unrealized profits held by institutions such as Galaxy Digital, Pantera Capital, and Figure. The market's concerns about potential selling pressure continue to heat up. At the same time, the price of SOL hit a nearly three-month low.

 

Crypto analyst Artchick.eth pointed out that about 15 million SOLs in this round of unlocking wave were purchased by institutions such as Galaxy Digital at a cost price of $64/piece through FTX bankruptcy auction. At the current market price, their unrealized profits range from $3 billion to $150 million. Trader RunnerXBT added that the fraud incident involving the Argentine presidential endorsement project further weakened market confidence and may accelerate institutional profit-taking. At the same time, Rachel Aguirre, the head of iShares product at BlackRock, has attracted attention for her silent attitude towards the Solana ETF plan. She reiterated that the company will strictly evaluate cryptocurrency products based on three principles: customer needs, clarity of investment philosophy, and adaptability of ETF structure. She did not explicitly respond to the layout of SOL.

 

The current SOL ecosystem is facing the dual pressure of liquidity test and mainstream financial product access lag. The game between the actual circulation increment of 2 billion US dollars and the floating profit of institutions exceeding 4 billion US dollars will become the core variable of short-term price trend.