In a week marked by heightened anticipation in the crypto markets, major Solana holders—often called “whales”—have quietly moved over $1,3 billion worth of SOL between anonymous wallets. These large-scale transfers come as optimism grows around the potential approval of a Solana exchange-traded fund (ETF), a development that could open the door for broader institutional investment in the blockchain network.
Strategic Whale Moves Signal Market Positioning
Blockchain data revealed several nearly identical transactions, each involving close to 3 million SOL, valued at over $430 million per transfer. Notably, these movements occurred between unknown wallets, with no clear indication of sales or exchange deposits. This pattern suggests that large holders are strategically repositioning their assets, possibly in preparation for regulatory or market changes, rather than liquidating their positions.
Such synchronized activity is rarely coincidental in the crypto space. Large wallet movements often precede significant announcements or shifts in market sentiment, and the timing here aligns with a surge in ETF-related speculation.
ETF Optimism Reaches Record Levels
The excitement is being fueled by prediction markets like Polymarket, where traders now assign a 91% probability that a Solana spot ETF will be approved by the end of 2025 . This figure has jumped 17% in recent days, reflecting growing confidence among both retail and institutional investors. Bloomberg Intelligence analysts echo this sentiment, assigning a 90% chance of approval within the next year .
The U.S. Securities and Exchange Commission (SEC) has already approved spot ETFs for Bitcoin and Ethereum, and Solana is widely seen as the next major candidate. Several asset managers, including VanEck and Grayscale, have filed for spot Solana ETFs, and the asset’s recent listing on the DTCC (Depository Trust & Clearing Corporation) is viewed as a significant milestone .
Market Impact: Price Holds Steady Amid Whale Activity
Despite the massive transfers, Solana’s price has remained stable, recently trading around $143,97. Daily trading volume, however, has dipped by over 35%, suggesting that the whale activity is not triggering panic selling or a rush to the exits. Instead, the moves are interpreted as bullish positioning, possibly for custody changes, staking adjustments, or onboarding by institutional players.
What’s Next for Solana?
While the SEC has delayed its decision on Solana ETF applications until at least late July 2025 , the market’s optimism is unmistakable. If approved, a Solana ETF could make it easier for traditional investors to gain exposure to SOL, potentially driving further adoption and price appreciation.
For now, all eyes remain on regulatory developments and the actions of major holders. The recent whale transfers, combined with soaring ETF approval odds, suggest that the smart money is preparing for a new chapter in Solana’s evolution.
