Solana Experiences Whale Activity Amid Strong ETF Inflows
- A dormant Solana address transferred 200,000 SOL (approximately $40 million) to Coinbase Prime on Oct. 30.
- Bitwise’s Solana Staking ETF (BSOL) recorded $69.5 million in inflows on its debut, followed by another $46.5 million the next day.
- Grayscale’s Solana Trust (GSOL) saw $1.4 million in first-day net inflows after converting to an exchange-traded format on Oct. 29.
- Solana’s open interest increased from under $8 billion to around $10 billion, enhancing its derivatives market liquidity.
- Despite market volatility, SOL has maintained a trading range of $180–$200, indicating controlled consolidation.
The recent movement of older coins into circulation by early Solana holders coincides with significant institutional demand through new ETFs, which are absorbing supply and stabilizing the market structure for SOL.
With over $117 million in ETF inflows and a stable trading range, Solana is positioned for potential resilience against market fluctuations.Source
