Solana News Today: Solana Whale's $18M Exit Signals Shifting Institutional Allegiances to Ethereum

A major Solana (SOL) whale has transferred 100,000 SOL to Binance, valued at approximately $18.11 million at current prices, marking the latest in a series of profit-taking moves by long-term holders. The whale, which had accumulated 991,000 SOL four years ago and unlocked the stake in April 2025, has been systematically liquidating portions of its holdings over the past six months, according to on-chain data from Pyth Network and EmberCN in a Coinotag report. This activity reflects disciplined risk management rather than a broad market sell-off, analysts say, as the whale retains 828,000 SOL worth $150 million in its address, according to Decrypt.

The Solana whale's actions contrast sharply with growing institutional interest in Ethereum (ETH), where a newly created wallet recently purchased $32 million in ETH on OKX at an average price of $3,824, per Arkham data reported by Decrypt. This move follows corporate accumulations by SharpLink and Bitmine Immersion Technologies, which added $866.9 million in ETH holdings last week, also noted by Decrypt. Jamie Elkaleh, CMO of Bitget Wallet, attributed the Ethereum buying to "digital asset treasury inflows," which have "boosted institutional interest and liquidity" in the network, according to Decrypt.

Reliance Global Group (Nasdaq: RELI) further signaled institutional support for Solana by expanding its digital asset reserve with a strategic acquisition of SOL, joining existing holdings in Bitcoin, Ethereum, and Cardano, according to CardanoFeed. The firm cited Solana's high-throughput, cost-efficient blockchain architecture as a key factor in its decision, aligning with governance and long-term value objectives, as CardanoFeed reported.

Meanwhile, Ethereum's appeal appears to be outpacing Solana's, as U.S. Ethereum spot ETFs recorded a net outflow of $22.80 million for the week ending October 17, while Bitcoin spot ETFs saw $335.43 million in inflows, per Decrypt. This divergence highlights Ethereum's reliance on direct whale and corporate purchases rather than ETF-driven flows, despite mixed performance in derivative products, as reported by Decrypt.

Market observers are also monitoring Bitcoin's recent volatility, where a whale secured an $835,000 profit by closing a 1,107 BTC short position, marking its seventh consecutive profitable trade totaling $6.6 million, details covered by Decrypt. Such moves underscore Bitcoin's entry into an "undervalued zone," according to Elkaleh, who suggested a potential market bottom if broader recovery gains momentum, as Decrypt noted.

Solana's ongoing distribution pressure raises questions about its competitive positioning. EmberCN noted that the whale's $93 million in SOL sales over four months—averaging $182.4 per token—signals "waning whale confidence" due to scalability concerns and increasing competition from Ethereum ecosystem plays, a trend highlighted by Decrypt. Meanwhile, Solana remains a top-tier project for 2025, with its fast, scalable infrastructure attracting retail and institutional demand, according to CryptoDaily's roundup.

The contrasting trends between Solana and Ethereum reflect a broader shift in institutional preferences. While Ethereum's smart contract capabilities and growing enterprise adoption drive liquidity and treasury inflows, Solana faces challenges in maintaining whale confidence amid profit-taking and market fragmentation, as Decrypt discussed. As the crypto market navigates tight ranges and speculative activity, on-chain data and expert insights will remain critical for investors seeking to balance stability and growth opportunities, according to a Coinotag piece.