Finance

Ethereum Whale Buys $32M ETH, While Solana Whale Dumps $93M SOL: What’s Driving Divergent Crypto Moves?

New crypto wallet bought $32M in Ethereum; Solana whale sold $93M, Bitcoin short closed.

October 23, 2025, 11:17 AM

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Executive Summary

A newly created crypto wallet acquired $32 million worth of Ethereum (ETH) on OKX, signaling renewed institutional interest, alongside significant corporate accumulations by SharpLink and Bitmine Immersion Technologies.

A Solana (SOL) whale offloaded 515,000 SOL, valued at approximately $93 million, to Binance over four months, interpreted as a potential shift in market preference or waning confidence in Solana.

A Bitcoin (BTC) investor closed a profitable 1,107 BTC short position, securing an $835,000 profit and maintaining a 100% win rate in recent trades, coinciding with Bitcoin entering an “undervalued zone.”

The Story So Far

The current cryptocurrency market is experiencing divergent large-investor movements, driven by increasing institutional interest and liquidity boosting Ethereum’s accumulation, while Solana faces significant distribution from whales potentially due to waning confidence related to scalability or competition, and Bitcoin sees strategic investor actions as it enters an “undervalued zone” potentially signaling a market bottom.

Why This Matters

The recent large-scale crypto whale movements highlight a significant divergence in investor sentiment and market dynamics: substantial institutional inflows into Ethereum signal growing confidence and liquidity for the asset, potentially strengthening its market position. In contrast, major Solana distribution by a whale suggests a potential shift away from SOL or waning confidence, which could impact its price. Meanwhile, strategic Bitcoin trading and its perceived “undervalued zone” might hint at a potential market bottom, possibly preceding a broader recovery across the crypto market.

Who Thinks What?

A newly created crypto wallet, SharpLink, and Bitmine Immersion Technologies are accumulating Ethereum, with Jamie Elkaleh suggesting these substantial digital asset treasury inflows are boosting institutional interest and liquidity for the asset.

A large Solana whale is distributing 515,000 SOL to Binance, which Jamie Elkaleh interprets as a potential shift in market preference towards the Ethereum ecosystem and possibly “waning whale confidence” in Solana.

An investor closed a profitable Bitcoin short position, leading Jamie Elkaleh to remark that this coincides with Bitcoin entering an “undervalued zone,” potentially hinting at a market bottom.

A newly created crypto wallet recently acquired $32 million worth of Ethereum (ETH) on the OKX exchange, signaling renewed institutional interest in the asset. This significant purchase comes as a Solana (SOL) whale offloaded $93 million in SOL, and a Bitcoin (BTC) investor closed a profitable short position, highlighting diverse large-investor movements across the cryptocurrency market.

Ethereum Sees Institutional Inflows

The Ethereum acquisition was made at an average price of $3,824, according to data from Arkham. This recent whale activity follows notable corporate accumulation, with SharpLink and Bitmine Immersion Technologies announcing purchases of 203,826 ETH and 19,271 ETH, respectively, collectively valued at over $866 million.

Jamie Elkaleh, CMO of Bitget Wallet, suggested that these substantial digital asset treasury inflows are boosting institutional interest and liquidity for Ethereum. Despite this, U.S. Bitcoin spot exchange-traded funds recorded a $335.43 million weekly inflow, while Ethereum ETFs experienced a net outflow of $22.80 million during the same period, as reported by SoSoValue data.

Solana Whale Distribution

In contrast to Ethereum’s accumulation, Solana is experiencing significant distribution from a large holder. A whale who acquired SOL four years ago transferred 515,000 SOL, valued at approximately $93 million, to Binance over the past four months.

This address, which still retains 828,000 SOL worth $150 million, was identified by Chinese on-chain analysis account EmberCN. Elkaleh interpreted this as a potential shift in market preference towards the Ethereum ecosystem and possibly “waning whale confidence” in Solana, citing concerns over scalability or competition.

Bitcoin Investor Closes Profitable Short

In the Bitcoin market, an investor successfully closed a 1,107 BTC short position, opened on October 22, just one day later, securing an $835,000 profit. This trader has maintained a 100% win rate across seven trades in the past week, accumulating over $6.6 million in profits, according to analytics platform Hyperdash.

Elkaleh remarked that the closure of this short position coincides with Bitcoin entering an “undervalued zone,” potentially hinting at a market bottom if supported by a broader recovery.

Market Divergence

These recent large-scale transactions by crypto whales underscore a complex and evolving market landscape. While Ethereum sees significant accumulation, potentially driven by institutional inflows, Solana faces substantial distribution, and Bitcoin’s price movements are being closely watched for signs of a potential rebound.