Key Insights:
- Whale locks $99.65M in Solana long, exits BTC and ETH positions.
- Solana outperforms Bitcoin and Ethereum with a 0.9% daily gain.
- Grayscale and Bitwise launch Solana ETFs, boosting investor demand.
- Western Union explores Solana-based stablecoin for digital payments.
A major crypto whale has shifted focus from Bitcoin (BTC) and Ethereum (ETH) to Solana (SOL), signaling growing institutional interest in the Solana ecosystem. According to on-chain data shared by analytics platform Lookonchain, the whale recently closed bullish positions on Bitcoin and Ethereum before opening a substantial Solana long worth approximately $99.65 million.
The trader, identified by wallet address 0xc2a3, previously held 2,186.34 BTC before reducing exposure and reallocating funds to Solana. The whale opened a 10x leveraged long position, acquiring 501,775 SOL tokens, one of the largest single-asset Solana long positions in recent months. Analysts suggest this move reflects expectations of short-term weakness in BTC and ETH and potential near-term strength in Solana.
Solana Outperforms Major Cryptocurrencies
The whale’s repositioning coincides with Solana’s recent market outperformance. Within the last 24 hours, SOL recorded a 0.9% price increase, while Bitcoin and Ethereum declined by 2.14% and 2.8%, respectively. This divergence reflects sustained demand for Solana amid growing ecosystem activity.
Trading data indicates a 4% rise in daily transaction volume, reaching $7.06 billion. The upward momentum follows renewed investor confidence and heightened trading activity ahead of major ecosystem developments. Market participants view this as a sign of strengthening network fundamentals and continued adoption across decentralized applications and institutional products.
Smart trader 0xc2a3 (100% win rate) has closed his $BTC and $ETH longs but increased his $SOL long position to 501,775 $SOL($99.65M).
His total profit now exceeds $16.5M, maintaining a 100% win rate.https://t.co/ort0Pmb2tohttps://t.co/63DwGKQedz pic.twitter.com/KMzxArlHTJ
— Lookonchain (@lookonchain) October 29, 2025
Ecosystem Expansion and Institutional Interest
The latest surge in market interest is supported by new financial instruments linked to Solana. Grayscale Investments officially launched its Grayscale Solana Trust (GSOL) on October 29, 2025, marking the company’s first staking-enabled fund. The ETF began trading on NYSE Arca, expanding investor access to Solana exposure through regulated markets.
The Grayscale debut follows the launch of the Bitwise Solana ETF (BSOL), which recorded the highest first-day trading volume among ETF listings this year. Beyond fund activity, Solana continues to attract institutional use cases. A recent report revealed that Western Union is developing a Solana-based stablecoin, signaling traditional finance’s growing integration with blockchain technology.
The whale’s decisive bet and concurrent institutional moves highlight Solana’s evolving role within the broader digital asset landscape. While Bitcoin and Ethereum maintain dominant positions, Solana’s expanding infrastructure and market participation suggest increasing diversification among major crypto investors.
