🔻 Solana balances on exchanges drop to the lowest level since October 2022
Current balance: Only 27.01 million SOL on centralized exchanges, down 27.4% from 37.22 million SOL in March.
🏦 Main reasons:
Institutional demand and the emergence of ETFs:
Institutional products for Solana have been launched.
Major companies like Grayscale, Fidelity, and Franklin have applied to launch ETFs.
Bloomberg predicted a 90% chance of an immediate ETF approval in 2025.
This has prompted institutions to move their assets to cold wallets or custody outside of exchanges.
Increase in staking activity:
About 64% of the total SOL is currently being staked in protocols like Raydium, Jito, and Marinade.
This has resulted in attracting more tokens away from exchanges.
🐋 Whale movements:
April 21, 2025: 374,000 SOL transferred from Binance to an unknown wallet.
May 2, 2025: 145,000 SOL moved from Kraken to 3 new addresses.
