- A newly created wallet transferred $136M in Solana from Coinbase Prime, signaling possible institutional staking or liquidity operations.
- Solana price plunged 14%, breaking key support at $144.41 amid heavy distribution and institutional-scale movements.
- The wallet’s 100% Solana exposure suggests a high-conviction strategy, likely linked to staking, custody, or validator deployment.
A newly created wallet moved $136 million in Solana (SOL) after withdrawing the entire amount from Coinbase Prime, sparking widespread discussion about its origin and intent. The wallet, which now holds 850,000 SOL, represents one of the largest known concentrations of SOL holdings on-chain.
Institutional-Scale Movement Linked to Coinbase Prime
According to a post by Arkham Intelligence, the wallet 4WikWfydhCr3R3z7wnykmQmaZ6z5jEWfZ7JRsMLWnuXR received 850,000 SOL, then valued at $138.52 million—from Coinbase Prime’s Hot Wallet before sending the same amount hours later to a new address, AkUp2szPNERWSfeSGaCFaZeuABg…. The high-speed transaction flow, alongside precise matching figures, points strongly to an institutional strategy.
The account was created just a week prior, holds no other assets, and is linked to the Solana System Program. The wallet’s dashboard classifies it as a “SOL Whale” with 100% asset exposure to Solana, indicating a high-conviction investment strategy. Such risk concentration often implies either staking, custody reallocation, or liquidity operations between major entities.
Strategic Intent Suggests Staking or Infrastructure Deployment
The announcement of the large-scale SOL transfer, first from Coinbase Prime to the system wallet, and then to a secondary wallet, raises clear indications of custodial planning or infrastructure integration. According to the report, the wallet may serve as a bridge in an institutional-grade staking operation or internal fund redistribution. The absence of other holdings and the use of a Solana System Program account reinforce this hypothesis.
Two smaller test-like transactions from other Coinbase hot wallets were also recorded, including one just worth $1.01. These are typical in address testing or smart contract activation, reinforcing the theory that the massive SOL allocation was meticulously prepared in advance and may tie into protocol-level engagement or validator commitments.
Price Drop Adds Pressure as Solana Sheds 14%
Simultaneously, Solana’s price action has entered a sharp bearish phase. Dieguito Charts highlighted in a recent 4-hour SOL chart that the price was rejected at the $170.51 resistance level and fell aggressively to $144.41, with a local low at $140.36. “The chart shows heavy distribution followed by markdown,” the analyst stated, emphasizing the breakdown from a clear supply block.
Momentum indicators turned decisively bearish, with the oscillator’s lower wave band at -59.36. Solana’s CoinMarketCap data confirms the pressure, showing a 10.13% daily drop, with the token now trading at $143.07. This aligns precisely with institutional selling or strategic repositioning, and the market is watching closely.
