Solana Whale Bags $153M Profit: 4-Year Staking Play Pays Off Big

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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April 21, 2025

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A crypto whale who believed in Solana (SOL) when it was valued at just $27 has emerged with one of the largest staking-related profits in recent times, totaling over $153 million.

On April 22, on-chain analysts from Lookonchain revealed that the whale had unstaked 100,000 SOL, worth about $13.9 million, and deposited it into Binance.

The address in question had initially staked 991,079 SOL back in 2021. With Solana trading at approximately $27 at the time, the trader invested nearly $27 million in what appeared to be a long-term yield strategy.

Today, the wallet’s total staked holdings have grown to 1.29 million SOL, which have appreciated considerably even as Solana’s value surpassed $140.

That brings the whale’s holdings to an estimated value of $180 million. Even after the recent 100,000 SOL offload to Binance, the whale still retains approximately 1.19 million SOL, worth roughly $166 million.

Solana Whales Shift Market Narrative, Outpace Ethereum

Earlier this month, on April 4, blockchain intel firm Arkham Intelligence recorded what it dubbed the “largest single-day unlock of staked SOL.”

Four wallets, collectively holding $37 million worth of staked tokens since 2021, had their SOL holdings released.

By the time of the unlock, those tokens had appreciated to over $206 million. Around $50 million of those were sold shortly thereafter, indicating not just paper gains but realized profit.

This sudden and substantial movement of capital caused Solana to temporarily overtake Ethereum in staking market capitalization on April 20.

For a brief moment, Solana claimed over $53 billion in staked value, eclipsing Ethereum.

While Ethereum quickly regained its lead, the event was symbolic; Solana’s proof-of-stake mechanism and yield incentives are now serious competition.

Reactions to Solana’s temporary flip were mixed. Some viewed it as a bullish sign of the network’s maturation, while others raised concerns about centralization and token distribution.

Regardless, it’s clear that high-stakes actors are increasingly betting on Solana.

Big Players Bet on Solana as Ethereum Loses Momentum

Adding to this shift in sentiment, Galaxy Digital, the crypto-focused firm helmed by Mike Novogratz, has been executing large swaps from ETH to SOL.

According to Lookonchain, Galaxy deposited 65,600 ETH (worth over $106 million) to Binance over the past two weeks and withdrew approximately 752,240 SOL (valued at $105 million). These SOL tokens were then distributed to various unidentified wallets.

Galaxy’s moves reflect a broader institutional trend. Ethereum has been struggling. Its price is down 51.5% year-to-date, and its dominance has slipped to under 7% of the total crypto market cap, a historic low.

DeFi activity is shifting away as well, with Ethereum DEX volume falling sharply to $42.5 billion in March, down from $82.2 billion in January.

Meanwhile, Solana is gaining traction as a more affordable, faster alternative. It now hosts a wide range of active protocols, has become a hub for memecoins, and offers low transaction fees.

Another whale-related development is likely to bode well for its near-term future. Whale Alert flagged a 374,161 SOL ($52.7 million) withdrawal from Binance to a private wallet.

Exchange outflows of this magnitude typically indicate accumulation, and when executed by high-net-worth investors, often precede price rallies.

With Solana now trading around $134, up nearly 4% over the past week, the momentum is holding.

The narrative is being rewritten, not just by price action, but by high-stakes players making moves in real-time.

As the Ethereum network prepares to deploy its Pectra upgrade on May 7 to enhance scalability and user experience, the network might see a renewed interest.