Odaily reported that, according to monitoring by Onchain Lens, a whale address deposited 308,100 SOL into Kraken and Bybit. The batch of SOL was valued at $21.22 million based on the figures disclosed in the report, and the address recorded a cumulative loss of $16.06 million on the position.
The same whale had initially withdrawn this batch of SOL from Binance for $37.28 million. Compared with the reported current value of $21.22 million at the time of the deposits to Kraken and Bybit, the difference corresponds to the $16.06 million cumulative loss cited by Onchain Lens.
In on-chain reporting, the term “whale” generally refers to an address or entity holding a large amount of cryptocurrency. A deposit to centralized exchanges such as Kraken and Bybit records the movement of assets from an on-chain address into exchange accounts. The disclosed information covers the amount of SOL moved, the exchanges involved, the original withdrawal value from Binance, the reported current value, and the accumulated loss.