Whales awaken as old SOL hits exchanges but $117M ETF inflows soak up supply

Recently, long-dormant Solana addresses have moved significant amounts of SOL to exchanges, typically signaling potential selling pressure from whales. However, this distribution is being counteracted by substantial capital inflows into regulated Solana investment products, such as the newly launched Grayscale Solana Trust (GSOL) and Bitwise’s Solana Staking ETF (BSOL). These ETFs have seen significant weekly inflows, totaling around $117 million in recent days, acting as a continuous liquidity sink. This dynamic suggests that veteran investors are selling into improved liquidity, while institutional buyers with longer investment horizons are absorbing the supply. This handoff is stabilizing SOL's price within the $180–$200 range despite broader market volatility, indicating a shift toward more stable demand and a stronger market structure, though a risk remains if ETF inflows slow down while distributions continue.

(Source：CryptoSlate)