Recent cryptocurrency on-chain data indicates a significant movement in the crypto market today, as a large whale has just withdrawn a substantial amount of altcoins from the Kraken exchange.

Blockchain tracking experts at Onchain Lens have identified that a newly generated cryptocurrency address was behind the withdrawal of 1.77 million Solana (SOL) coins from Kraken. This massive haul is currently valued at approximately $223 million.

Interestingly, this crypto whale immediately staked all of the acquired Solana.

Considering the present staking reward rates and assuming the price of SOL remains at its current level, this whale is positioned to potentially earn around $17 million in staking rewards over a year through native staking.

Should the whale opt for liquid restaking strategies, the potential SOL reward could increase, possibly reaching a value of $23 million within a year, based on the same price assumptions.

As of now, Solana’s trading price is $125, which is about 36% lower than its value last year. Therefore, it’s worth noting that even with these substantial staking rewards, there’s still a chance the crypto whale might experience a decrease in the dollar value of their holdings after staking.

*This is not investment advice.