Bitwise Withdraws $26M in Solana from Coinbase
Bitwise pulls 192,865 SOL worth $26.39M from Coinbase, fueling ETF speculation and bullish sentiment around Solana.
- Bitwise withdrew 192,865 SOL from Coinbase.
- The move totals $26.39 million in Solana.
- Signals potential activity around Bitwise’s Solana ETF.
Bitwise has made a significant move involving its Solana ETF (BSOL), drawing attention across the crypto space. According to blockchain analytics platform Lookonchain, the firm withdrew 192,865 SOL — valued at $26.39 million — from Coinbase. This move has triggered speculation about ETF activity and future price movement for Solana.
Solana, which has been gaining popularity as a fast, low-cost alternative to Ethereum, continues to attract institutional interest. Bitwise’s withdrawal is being viewed as a sign that the firm may be preparing for more active engagement with its Solana ETF. Typically, such large on-chain movements suggest internal transfers for custody or preparations for potential trading or management activity related to the fund.
What This Means for the Solana Market
The large-scale withdrawal signals increased confidence in Solana from institutional players. By moving such a large volume of tokens off a public exchange like Coinbase, Bitwise could be signaling long-term holding intentions or custodial shifts. These actions are often interpreted as bullish indicators because they reduce available market supply and suggest upcoming ETF-related developments.
Moreover, this kind of transfer reinforces the growing role of Solana in institutional portfolios, especially with the growing demand for alternative blockchain ecosystems beyond Bitcoin and Ethereum. The move also aligns with broader industry trends where crypto asset managers are securing assets in cold storage to comply with regulatory requirements or operational security.
ETF Momentum Growing in Altcoin Space
This move by Bitwise adds to the growing momentum behind altcoin-based ETFs. As regulatory clarity improves and investor demand for diversified exposure rises, funds like the Bitwise Solana ETF are increasingly in focus. While the SEC has yet to formally approve a Solana ETF in the U.S., activity like this hints at ongoing preparations behind the scenes.
If approved, such ETFs could offer traditional investors easy access to Solana exposure without directly managing wallets or private keys — a step that could significantly boost SOL’s adoption and value.
