A major SOL holder withdrew 20,000 tokens from a leading exchange roughly five months back, valued at approximately $4.1 million at the time. What followed was a strategic staking play: the position generated 466 SOL in staking rewards over that period, bringing total holdings to 20,466 tokens.

Here's where it gets interesting though. The current market value sits at $2.83 million—representing a substantial $1.27 million paper loss from the initial withdrawal price. Talk about timing the market. Despite the unrealized losses, the whale just moved the entire 20,466 SOL stack back into circulation, likely repositioning ahead of market moves or rebalancing exposure.

It's a textbook example of how staking rewards and price volatility can play out differently even when on-chain activity appears strategic. The holder banked decent rewards while the asset depreciated, ultimately deciding now's the time to shift tactics.