A major cryptocurrency whale withdrew 49,165 Solana tokens worth $7 million from OKX exchange and sent them directly for staking on Wednesday, according to blockchain analytics firm Onchain Lens.
The accumulation came as Solana spot ETFs maintained their extraordinary inflow streak despite the token trading 38% below its late October highs.
The whale has now staked 761,405 SOL valued at $109.48 million across multiple transactions since August 22, 2025, data shows. The holdings were initially worth $117.97 million when accumulated at an average price of $206 per token, meaning the investor currently faces an unrealized loss of $8.45 million due to Solana's recent correction.
The buying activity coincided with Solana trading at $141.87 on Wednesday, up 3.6% over the previous 24 hours as the broader cryptocurrency market staged a modest recovery. The timing suggests institutional-grade wallets are using price weakness to accumulate SOL for liquid staking and long-term treasury positioning.
What Happened
On-chain metrics reveal that Solana's newly launched spot ETFs have pulled in $613 million in cumulative net inflows since their October 28, 2025 debut, with total net assets reaching $918 million across six funds, according to SoSoValue data. The funds recorded 21 consecutive days of positive flows before logging their first modest outflow on November 26.
Bitwise's Solana Staking ETF (BSOL) has dominated institutional demand, attracting 89% of total inflows with $567.10 million in net assets. The fund exceeded $500 million in assets under management within its first 18 days of trading, marking one of the most successful crypto ETF launches in history. Grayscale's GSOL follows with $117.90 million in net assets, while offerings from Fidelity, VanEck, 21Shares and Canary Capital have attracted smaller but steady capital.
The sustained institutional appetite stands in stark contrast to broader crypto fund flows. Bitcoin ETFs recorded $3.70 billion in net outflows between November 3 and November 24, while Ethereum ETFs saw $1.64 billion exit during the same period, highlighting a rotation toward alternative assets with yield-generating features.
Recent whale activity extends beyond the latest $7 million stake. Throughout late October and November, blockchain trackers documented multiple large SOL withdrawals from centralized exchanges for staking purposes. One wallet accumulated 844,000 SOL worth $149 million through market makers FalconX and Wintermute since April 30, while another entity staked 2.5 million SOL valued at $505.8 million in August.
Also read: Solana ETF Inflow Streak Ends at 21 Days With $8.1M Outflow as Bitcoin and Ethereum Funds Rebound
Why It Matters
Solana ETFs offer a structural advantage over Bitcoin and Ethereum products through their built-in staking capabilities. BSOL stakes 100% of its holdings through Bitwise Onchain Solutions powered by Helius, targeting annual yields around 7% based on network inflation and transaction fees. Ethereum staking yields approximately 3%, while Bitcoin's proof-of-work mechanism generates no comparable returns.
The staking feature addresses a critical question facing institutional investors: how to generate yield on digital asset holdings without active trading. Traditional crypto ETFs simply track spot prices, but staked Solana positions earn protocol rewards by supporting network security. These rewards compound automatically in BSOL's structure, increasing the fund's net asset value over time rather than distributing cash to shareholders.
Bitwise waived its 0.20% management fee for the first three months on the first $1 billion in assets, making BSOL's effective cost zero during the promotional period. The aggressive pricing strategy helped the fund capture early market share as multiple issuers competed for institutional mandates following the Securities and Exchange Commission's approval of proof-of-stake ETF products.
Franklin Templeton, which manages $1.7 trillion in total assets, filed for its own Solana ETF with a competitive 0.19% management fee and plans to waive all fees on the first $5 billion in assets through May 31, 2026. The entry of established asset managers validates growing institutional interest in alternative layer-1 blockchain exposure.
The ETF inflow streak occurred despite Solana's challenging price action. SOL declined from $197.60 on October 27 to recent lows near $121 on November 21 before recovering to current levels around $141. The 30% drawdown tested investor conviction but failed to trigger sustained redemptions from the ETF structures, suggesting buyers are focused on long-term positioning rather than short-term price momentum.
Approximately 65% of SOL's total supply is currently staked, reflecting strong network participation and confidence in Solana's proof-of-stake security model. The high staking ratio reduces circulating supply available for trading, potentially supporting prices as demand increases from ETF structures and retail platforms.
Final Thoughts
Whale accumulation during price corrections historically signals smart money establishing positions ahead of potential rebounds. The continued staking activity demonstrates that large holders remain committed to Solana's long-term value proposition despite short-term volatility. Staking locks tokens for approximately two days during the unstaking cooldown period, indicating these entities expect to hold positions for extended timeframes.
The divergence between ETF inflows and spot price performance creates an unusual dynamic. Institutional capital continues flowing into structured products while traders push prices lower on exchanges. This pattern suggests ETF buyers are absorbing selling pressure from momentum traders and long-term holders taking profits, potentially setting up for price stability once the correction runs its course.
Solana's network fundamentals remain robust with approximately 70 million daily transactions and over $146 billion in monthly decentralized exchange volume. The blockchain processes transactions for roughly $0.00025 per transfer, significantly below Ethereum's gas fees. Growing adoption in payments, decentralized finance and tokenized real-world assets could drive sustained demand for SOL regardless of short-term price movements.
The upcoming Franklin Templeton ETF launch adds another institutional distribution channel that could accelerate capital inflows. JPMorgan originally forecast $3-6 billion in Solana ETF inflows within the first 6-12 months before revising estimates to $1.5 billion. The funds already captured more than 60% of the bank's revised forecast within their first month of trading.
Market analysts note that Solana's technical setup shows signs of forming a base after the recent selloff. The token breached its first Fibonacci retracement level around $141-142 and now faces resistance near $153. A sustained break above $145 could target the $155-175 zone, while failure to hold current support might retest the $130-135 range before finding firmer footing.
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