Whale Stakes 20,000 SOL and Suffers $1.27M Loss Before Depositing All to Kraken

According to recent data from blockchain monitoring platform lookonchain, a whale address Ci8jH5 withdrew 20,000 SOL, worth around $4.1 million at the time, from Kraken five months ago and proceeded to stake the tokens. During the staking period, the whale earned 466 SOL in rewards, equivalent to approximately $62,400.

However, due to the ongoing price decline of SOL, the current value of the whale’s holdings—20,466 SOL—has dropped to about $2.83 million, reflecting a loss of roughly $1.27 million compared to the initial value.

Significantly, the whale deposited all 20,466 SOL back into Kraken just one hour ago. This move has sparked speculation about potential asset sales or other strategic moves. Analysts noted that while staking rewards remain steady, price volatility continues to be the primary factor affecting overall returns.