The short version
- Solana whales moved 1.77 million SOL, about $170 million, to Coinbase Institutional between Friday night and Saturday afternoon, well above the $111 million Whale Alert flagged.
- One wallet has now pulled 1.93 million SOL out of staking and sent it to Coinbase in four rounds this month, while US spot Solana ETFs lost $71.6 million last week.
- Next: the October 30 low at $92.34 and whether the same wallet unstakes again. If it does, we’ll post it on Base Camp on X.
Solana whales had a busy Halloween. Whale Alert flagged two transfers of SOL to Coinbase Institutional on Saturday, about $111 million in total. We followed both wallets on the Solana blockchain, and the real figure is bigger: 1.77 million SOL, about $170 million, between late Friday and Saturday afternoon.
SOL trades at $95.46 at the time of writing. It closed October down 19.1% on Binance, and US spot Solana ETFs lost money on every trading day of the last week. So is a whale heading for the exit, or is a big holder just moving coins around inside Coinbase?
Whale Alert caught the first transfer as it landed:
🚨 🚨 🚨 609,699 $SOL (58,512,315 USD) transferred from unknown wallet to Coinbase Institutional
whale-alert.io/tx/solana/5y58…
Where Did the Solana Whales Get $170M of SOL?
Two wallets sent it, and both had collected the coins only minutes earlier.
- Wallet 4EAj sent 609,699 SOL at 05:19 UTC on Saturday, the transfer in Whale Alert’s post. It wasn’t the only one. The same address passed on 109,750 SOL late on Friday and 503,590 SOL four minutes after the big one: 1.22 million SOL in all.
- Wallet 6qY6 sent 550,158 SOL at 13:40 UTC. Ninety-eight seconds before that, it had pulled exactly that amount out of a staking account.
Every batch that reached 4EAj carried the same note: “CB SOL Trading Balance Deposit PF”. CB is the usual shorthand for Coinbase. A trading balance deposit is what it sounds like: coins moving to an account they can be traded from.
Sponsored · Affiliate link
Save 20% on fees trading on WEEX
Base Camp may earn a commission if you sign up. It never affects what we write.
The Solana Whale That Keeps Coming Back
Wallet 6qY6 isn’t new. It has made the same move four times in October, each time withdrawing the SOL from staking a minute or two before sending it to Coinbase Institutional:
- October 12: 271,798 SOL, about $29.6 million
- October 16: 446,010 SOL, about $47.1 million
- October 27: 661,613 SOL, about $66.5 million (Whale Alert flagged this one too)
- October 31: 550,158 SOL, about $52.9 million
That is 1.93 million SOL, close to $196 million, in one month. Its history shows the same routine in June, when it sent 1.86 million SOL. Whoever this is, they’ve been taking SOL out of staking for months, and they sped up as the price fell.
SIDE TRAIL: Solana Price Slips Below $100 as a Whale Sends $22M of SOL to Exchanges
Are the Solana Whales Selling?
The chain can’t say for sure whether the Solana whales sold. The Coinbase wallet that received the coins pools SOL for many clients, and within about an hour of the 05:19 transfer it moved nearly 900,000 SOL back into staking accounts. That looks like custody work, not a sell desk.
The note and the timing point the other way. Coins pulled out of staking and booked as a trading balance are coins someone wants to be able to sell. For scale, $170 million is about 12% of the $1.44 billion of SOL that traded across all markets in the last 24 hours.
The ETFs are easier to read. Solana ETF outflows in the US came to $71.6 million over the five trading days to Friday, October 30, without a single day of inflows, per SoSoValue data. The biggest day was October 29, when $27.7 million left, the same day SOL closed under $100. The funds now hold about $1.4 billion.
Solana Price: Can $92 Hold?
Maybe, but it’s the last stop before the long-term average. The Solana price has stayed between $92 and $99 since it lost $100 on October 29. The October 30 low at $92.34 is the first floor, with the 200-day moving average (MA) at $88.91 below it. Above, $100 is resistance now, and the 50-day MA sits far away at $109.05.
If wallet 6qY6 unstakes again and SOL closes under $92, the 200-day MA comes into play. A quiet week from the whales, and a day of ETF inflows, would give $100 another try.
TRAIL MAP: On-Chain Metrics That Matter: MVRV, Realized Price and Exchange Flows
TANG has been trading crypto since 2017. The focus is technicals, DeFi and onchain data. On the chart, that means high-timeframe support, moving averages and momentum divergences. Onchain, it means regular checkups on where the data puts the cycle. TANG once ran CryptoJungle, a free community for researching and trading together, and brings that same spirit to Base Camp as one of its co-founders.
More from TANG
