Over $122 million has been raised for 27 different Solana-based projects’ presales in the last week, according to a recent investigation from blockchain sleuth ZachXBT.

ZachXBT says that since March 12, more than 655,000 SOL worth about $122.5 million has been raised for various presales.

Says the on-chain analyst,

“I was interested to see how much SOL has been sent as a result of the presale meta and calculated >655,000 SOL ($122.5 million) raised from 27 presales…

To put this even more into perspective for people not following crypto these presales have all happened since March 12.

This is only counting presales on Solana and the number is excluding presales happening on other chains (Ethereum, BSC, Base, etc)”

One of the projects, SLERF, lost $10 million worth of its presale tokens reserved for an airdrop after it skyrocketed to a $620 million market cap hours after launching.

Seeing ZachXBT’s post on the social media platform X, Solana co-founder Anatoly Yakovenko re-posted it, issuing a warning.

Says Yakovenko,

“Stop doing this.”

Earlier, ZachXBT also warned of someone else who allegedly ran off with six figures worth of SOL after a presale raise.

Solana has seen a burst of activity in recent weeks, largely due to a series of memecoin launches and rallies, with Solana-based decentralized exchanges (DEXes) doing record volume.

At time of writing, Solana is trading at $181.

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Bitcoin (BTC) is being aggressively purchased up at costs close to $30,000 as bidders start to absorb liquidity from short-term sellers.

Information from on-chain monitoring useful resource CryptoQuant reveals that as of late December, Bitcoin exchanges have begun to shed their BTC reserves as soon as extra.

BTC conspicuously engaging at present ranges

After a interval of merchants sending BTC to exchanges, presumably to promote or to have on the aspect to divest away from additional losses, exchanges at the moment are seeing bigger general outflows than inflows.

Between Dec. 7 and Dec. 28, 2021, BTC reserves of the 21 main platforms monitored by CryptoQuant elevated from 2.396 million to 2.428 million BTC.

Thereafter, the longer-term downtrend resumed, and as of Monday, exchanges’ tally stood at 2.366 million BTC — regardless of spot worth motion sitting at six-month lows.

Older whales, in the meantime, regardless of displaying some impatience lately, are nonetheless apt to spark worth development reversals, CryptoQuant CEO Ki Younger Ju believes.

“It appears they’ve been bought $BTC to new gamers on the tops or bottoms,” he mentioned in a sequence of tweets in regards to the subject, noting that establishments have seemingly been the primary patrons since 2020.

Whales go for (one other) dip

Whereas widespread data, the trade steadiness development now coincides with palpable on-chain demand from main buyers.

Associated: Illiquid provide ‘going up relentlessly’ — 5 issues to look at in Bitcoin this week

As famous by Twitter account CC15Capital this week, the run to $33,000 was accompanied by multi-million-dollar BTC buy-ins from one pockets particularly.

Since August, the account has amassed over $1 billion value of BTC from a beginning steadiness of zero.

https://t.co/TqcYo2Mkw2

— CC15Capital (@Capital15C) January 25, 2022

The phenomenon additional comes amid agency resolve from long-term holders to not promote. As Cointelegraph reported, cash that haven’t moved in a 12 months or extra now make up 60% of the general BTC provide.

Whale accumulation, in the meantime, has been obvious elsewhere within the interval following the comedown from $69,000 all-time highs.