Another whale is gradually retreating.

Just 20 minutes ago, that mysterious address which received 991,000 SOL more than four years ago made another move—this time dumping 100,000 directly to a major exchange, worth about $13.57 million at current prices.

Looking at this guy’s transaction history, from the unlock in April until now, he’s already transferred out 615,000 SOL over eight months, totaling $107 million, with an average selling price of $175. The pace clearly shows he’s cashing out in batches.

He still holds 733,000 SOL, estimated to be close to $100 million at market value. Calculating it out, over the four-and-a-half-year period, the unrealized gains have reached 35.7x.

This kind of selling pressure from such a large position will inevitably affect SOL’s price trend in the short term. The gradual profit-taking by early participants also indirectly reflects their attitude toward the current valuation—they’re not hesitating to lock in profits when the time comes.