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Whales Awaken as Old SOL Hits Exchanges but $117M ETF Inflows Soak up Supply

Early Solana investors are now moving long‑held SOL onto exchanges, a pattern that typically signals selling pressure, but the impact is being offset by a surge of regulated inflows into Solana‑linked ETFs. Over the past month, Arkham Intelligence flagged a noticeable uptick in older SOL addresses depositing tokens, while ETF products attracted roughly $117 million of new capital, effectively soaking up the newly available supply. The juxtaposition suggests that while whale activity could increase short‑term volatility, institutional demand is providing a floor for the token’s price.