$218 Million in Solana Bought in One Go, Who’s Buying?

Solana became the topic of discussions on Tuesday following the launch of the Bitwise Solana ETF. While all eyes are already on Solana, a recent transfer involving a large amount of SOL has sparked more interest.

Amid the already lingering buzz on the leading altcoin, onchain tracking platform Whale Alert has spotted a large crypto transaction involving 1,097,555 SOL in what appears to be a major buy activity.

The transfer, which was worth over $218 million per SOL’s price at the time of the transaction, has attracted the attention of market watchers.

Bitwise Solana ETF inflow already?

While this is the first large SOL transfer spotted shortly after Bitwise announced the launch of its Solana ETF, speculators have suggested that the move might have been pulled by the new Solana fund.

While it coincides with the launch of the Bitwise Solana ETF, the transfer had immediately sparked speculation that institutional investors may already be positioning ahead of expected ETF inflows.

Although the identity behind the large SOL transfer was not disclosed, details regarding the transfer show the funds moving from a verified Coinbase Institutional wallet to a freshly created address. Thus, it appears that a new large holder, suspected to be a fund or high-profile investor, has acquired the SOL tokens.

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While the receiver’s identity remains unknown, analysts say such whale movements typically precede major market developments or institutional accumulation phases, especially when aligned with ETF launches.

The data further show that SOL was trading around $198.96 at the time of the transfer, a decent cooldown from its recent rally spurred by growing optimism as momentum returns to the market.

While commentators have expressed strong confidence that the transfer is linked to Bitwise’s Solana ETF, it appears that the Solana fund is already thriving and driving momentum for the sixth-largest cryptocurrency by market capitalization.

Although it is not yet confirmed, market watchers believe that this might be one of the largest single movements of Solana tokens into private or institutional custody in recent months.