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“Many whales unstaked and dumped SOL today,” reported blockchain analytics platform Lookonchain on April 4. It highlighted four transactions of over $3 million worth of the Solana native token, the largest of which was a whopping 258,646 SOL worth around $30 million. The Solana selloff has been a result of the meme coin bubble bursting as the asset has dumped by 60% in just over two months. Many whales unstaked and dumped $SOL today! HUJBzd dumped 258,646 $SOL ($30.3M). BnwZvG dumped 80,000 $SOL ($9.47M). 8rWuQ5 dumped 30,000 $SOL ($3.53M). 2UhUo1 dumped 25,501 $SOL ($3M). Address: https://t.co/mCaB45W6pV https://t.co/wjhEwyZgFH https://t.co/Waqe4cxvbP … pic.twitter.com/kc1Q5GEKIX — Lookonchain (@lookonchain) April 4, 2025 Major Solana Unlock There was also around $200 million worth of Solana being unlocked on April 4, which is adding to the selling pressure. Arkham Intelligence said it “marks the largest single-day unlock of staked SOL until 2028.” CoinNess Global reported that 425,266 SOL, valued at $50 million, was unlocked, and 284,147 SOL, worth $33 million, had been transferred to the exchanges Binance, Kraken, and Coinbase. Solana token unlocks refer to events when previously locked SOL becomes available for trading, often due to vesting schedules or liquidation processes. The most recent significant unlock occurred in March when 11.2 million tokens worth $1.3 billion were released from the FTX bankruptcy estate. $200M OF SOL UNLOCKING TOMORROW Tomorrow (4th April) marks the largest single-day unlock of staked SOL until 2028. These 4 accounts staked a total of $37.7M of SOL in April 2021, and are up 5.5x at current prices. pic.twitter.com/qvKFWxygh9 — Arkham (@arkham) April 3, 2025 Token unlocks are generally bearish in the short term because they increase the circulating supply, which is currently 514 million for Solana. Fintech firm Ripple also unlocked $1 billion worth of its XRP token this week, adding to selling pressure as the asset dipped below $2 on April 3. Other recent major token unlocks include Sui, and its price has tanked almost 10% today. SOL Price Tanks SOL prices have declined by over 4% on the day, which is a larger loss than the wider market. The asset fell to $112 in an intraday low before recovering to trade around $118 at the time of writing. SOL has tanked by more than 16% over the past week, while the wider crypto market has only declined by 6.5%. This suggests that SOL is being dumped at a much faster rate than Bitcoin and other altcoins. The Solana blockchain is primarily used for memecoin minting and trading, and now that this bubble has burst, activity and network revenue for the ecosystem have slumped. This has resulted in SOL prices crashing to their lowest levels in over a year. The post Solana Whales Dump SOL Amid Major Token Unlock appeared first on CryptoPotato .
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OKX partners with Standard Chartered for crypto collateral mirroring program
OKX is partnering with Standard Chartered to enable institutional clients to use crypto as collateral in a regulated way. OKX (OKB) is boosting its offering for institutional clients. On Thursday, April 10, a crypto exchange partnered with Standard Chartered , with backing from Brevan Howard and Franklin Templeton, to launch a collateral mirroring program. This program will enable institutional clients to keep their collateral with Standard Chartered, instead of with OKX. The exchange will then “mirror” this collateral into their accounts, without ever taking custody of the funds. You might also like: OKX: A Crypto-to-Crypto and Fiat Exchange The program launched as a pilot, complying with Dubai’s Virtual Asset Regulatory Authority (known as VARA) regulations. Standard Chartered will serve as a custodian under that framework, supervised by Dubai’s financial regulators. “Standard Chartered acts as the independent, regulated custodian in the Dubai International Financial Centre (DIFC), regulated by the Dubai Financial Services Authority, ensuring the safe storage of the assets used as collateral,” OKX Why OKX offers Standard Chartered custody There is growing demand among institutions for crypto trading. For instance, CME Group reported a 73% increase in the daily average volume of its crypto futures market. However, these institutional clients don’t trust crypto exchanges with custody of their funds. For instance, exchanges run a risk of hacking and bankruptcy, like in the case of FTX . This, in turn, exposes institutional clients to counterparty risk, potentially leading to billions in losses. You might also like: OKX developer spills details about OKX Wallet app ‘too early’ At the same time, regulations for crypto exchanges are typically less stringent than those for banks or other financial institutions. For this reason, collateral mirroring enables institutions to safeguard their funds with a trusted party. What’s more, Standard Chartered is a Globally Systemically Important Bank, meaning it falls under some of the strictest regulations in financial markets. User funds are segregated from the bank’s balance sheet, ensuring they are protected even if Standard Chartered encounters financial difficulty. Read more: OKX hit with $1.2m fine from Maltese authorities for breaching AML rules: report Crypto Potato
New SEC Chair Paul Atkins Promises Flexibility and Innovation in Financial Regulations
Paul Atkins confirmed as SEC Chair, promising flexibility in financial regulations. His leadership may positively impact cryptocurrency regulatory clarity. Continue Reading: New SEC Chair Paul Atkins Promises Flexibility and Innovation in Financial Regulations The post New SEC Chair Paul Atkins Promises Flexibility and Innovation in Financial Regulations appeared first on COINTURK NEWS . Crypto Potato
