Solana News Today: Institutional Bet: Whale Shifts $99M to Solana Amid Staking ETF Launch

A prominent cryptocurrency whale has shifted its massive portfolio from Bitcoin (BTC) and Ethereum (ETH) to Solana (SOL), sparking speculation about the altcoin's potential trajectory in November. The trader, known for a 14-game winning streak since mid-October, has deployed over $448 million in leveraged positions across the top three crypto assets, with a significant portion now allocated to Solana, according to a Benzinga report.

The whale's strategy includes a 13x leveraged BTC long of $9.86 million, entered at $111,099.2, and a 10x leveraged SOL position valued at $1.9 million, according to Coinotag. However, the most striking move involves the sale of BTC and ETH to acquire 501,775 SOL, worth approximately $99.65 million, marking a strategic reallocation to the fast-growing blockchain, a TradingView report noted. This shift coincides with the launch of the Bitwise Solana Staking ETF, which generated $55.4 million in trading volume on its debut and $72.4 million on day two, signaling renewed institutional interest in the asset.

The whale's BTC position, averaging an entry price of $110,680, has yielded unrealized profits exceeding $13.4 million, reflecting a 34.4% return on equity. Meanwhile, their ETH position, with an average cost of $3,929, remains profitable despite recent volatility. The trader's aggressive capital rotation underscores confidence in Solana's scalability and adoption, particularly with Western Union's upcoming stablecoin, the USDPT, set to launch on the Solana blockchain in early 2026, the TradingView report added.

Market analysts have highlighted key price levels for BTC and ETH. Bitcoin faces critical resistance at $117,630 and support at $111,160, while Ethereum must reclaim $4,250 to target $4,750. For Solana, the whale's $1.9 million long position—though currently showing a $1.45 million unrealized loss—could influence short-term volatility given the asset's lower liquidity compared to BTC and ETH, Coinotag observed.

The whale's actions align with broader trends of capital consolidation in high-potential crypto projects. As leveraged positions grow, so does the risk of forced liquidations should markets reverse. However, the trader's track record of maintaining a 100% success rate across 14 consecutive trades suggests a disciplined approach to risk management, as detailed in the Benzinga piece.

With November approaching, the market will closely watch whether this whale's bet on Solana catalyzes a broader rally or remains a niche play. The interplay between institutional adoption, leveraged trading activity, and macroeconomic factors will likely determine the outcome.