Epic 2,000,000 Solana (SOL) Transfer Stuns World’s Largest Crypto Exchange

On Could 27, two transactions amounting to 2,000,000 Solana (SOL), value round $351.5 million, had been withdrawn from Binance’s chilly wallets and transferred to 2 just lately established stake accounts on the Solana blockchain.

The 2 transactions had been almost similar, as reported by Whale Alert. The primary, confirmed at 8:41 a.m. UTC, moved 1,000,000 SOL value round $175.78 million. The second adopted one minute later at 8:42 a.m. UTC, shifting one other 1,000,000 SOL equal to round $175.81 million. Each landed in recent Solana stake accounts and got here from Binance chilly wallets.

These wallets at the moment are holding the complete balances and haven’t despatched any funds out. Every transaction value simply 0.000085 SOL in charges, and each vacation spot addresses had been created shortly earlier than the transfers and at the moment are related to staking, not buying and selling, exercise.

There is no such thing as a public labeling or trade affiliation tied to the receiving wallets. Nonetheless, based mostly on transaction kind and setup, each seem like structured for staking somewhat than sale or liquidity functions.

On the time of the transfer, SOL was buying and selling at roughly $175.32. Market response was minimal — no spike in volatility or buying and selling quantity adopted the transactions. The transfers didn’t end in any speedy value shift on spot markets.

On Binance Futures, sentiment remained bullish. A complete of 69.62% of all high dealer positions had been lengthy, whereas 30.38% had been brief. Throughout person accounts, 68.57% had been lengthy, reflecting optimistic market bias.

Though the supply and vacation spot are each identified on-chain, the motive behind the transfer stays unclear. This can be associated to inside treasury restructuring, third-party custody or institutional staking.