Whales Shift $80M to Solana, $659M into Ethereum Staking—What’s Driving the Move?

Whale activity in the cryptocurrency market has intensified in recent weeks, with several notable movements across major assets. The accumulation patterns of large investors are increasingly influencing market dynamics, particularly in the case of Solana and Ethereum. On-chain data from platforms like Lookonchain reveals that two significant whale wallets withdrew a combined 376,076 SOL (valued at $80.7 million) from Binance and moved the tokens to Kamino, a DeFi lending platform. This move is interpreted as a bullish signal, as it indicates a strategic shift in capital deployment rather than immediate selling intent [1]. The movement is seen as part of a broader trend where investors rotate capital into high-potential altcoins, especially as Ethereum consolidates and faces a temporary pause in its upward trajectory.

Ethereum’s ecosystem also experienced a major shift with the reactivation of a long-dormant whale wallet that held 1,000,000 ETH, received during the ICO in 2015. According to blockchain analytics, this whale transferred 150,000 ETH, worth $659 million, to a new wallet for staking. The remaining 105,000 ETH is still held in two other wallets. Analysts view this as a bullish development, as it suggests a long-term commitment to Ethereum’s network and could reduce selling pressure in the broader market [3]. The movement also aligns with recent transfers from Bitcoin whales into Ethereum, including a $2.59 billion Bitcoin dump that resulted in a $1.01 billion Ethereum acquisition. These actions reflect a growing confidence in Ethereum’s future performance, especially as institutional interest in crypto ETFs and decentralized finance (DeFi) continues to rise.

The broader market is also witnessing increased whale activity from dormant Bitcoin addresses. A wallet containing 479.69 BTC—valued at over $53 million—has transferred 81.25 BTC for the first time since 2012, according to on-chain analytics. The funds were moved to modern SegWit addresses, suggesting a possible update in custody practices or a strategic reallocation of assets. These movements, while not directly tied to price forecasts, are often seen as signals of market sentiment and may indicate a shift in investor confidence [2]. The activity has drawn attention from analysts and investors alike, as it aligns with a larger pattern of early adopters and institutional actors rebalancing their holdings.

Solana, which has seen a 40% price increase since early August, is currently testing a key resistance level around $220–$225. The asset’s strong technical indicators, including its position above its 50-day, 100-day, and 200-day moving averages, suggest that bullish momentum remains intact. However, a failure to break through the resistance could lead to a retest of the $200–$185 support range. The whale accumulation trend and continued DeFi adoption are seen as crucial factors in determining Solana’s next directional move [1].

Meanwhile, the rise of self-custodial wallets is reshaping how institutional and retail investors manage their digital assets. OKX President Hong revealed that the platform’s self-custodial wallets now hold nearly $50 billion in assets, surpassing the $30.8 billion in centralized exchange (CEX) holdings. This shift reflects a growing preference for security and transparency, especially as concerns over centralized custody and regulatory risks continue to rise. The trend is expected to gain further momentum in 2025, with more educational initiatives and user-friendly tools being introduced to lower the technical barriers associated with self-custody [4].

Source:

[1] Whales Are Buying Solana: Two Wallets Pull 376K Tokens ... (https://www.mitrade.com/insights/news/live-news/article-3-1108275-20250909)

[2] Dormant Bitcoin Whale Awakens After 13 Years, Moves ... (https://bitbo.io/news/dormant-bitcoin-whale-awakens/)

[3] 1,000,000 Ethereum ICO Whale Exits 8-Year Dormancy (https://finance.yahoo.com/news/1-000-000-ethereum-ico-095330857.html)

[4] OKX self-custodial wallet assets have exceeded CEX assets (http://m.odaily.news/en/newsflash/415083)