Two New Wallets Withdraw 70,000 SOL from Binance Worth $9.8M
According to on-chain data from Lookonchain, two newly created wallets have withdrawn a combined 70,000 SOL—around $9.8 million—from Binance. The SOL withdrawal moved the tokens off the exchange and into private addresses, indicating potential accumulation by Solana whales. Large transfers like this can reduce selling pressure on the exchange, a signal often watched by traders. While significant, this 70,000 SOL withdrawal represents a modest share of Solana’s total supply. Nonetheless, consistent outbound movements of SOL from major exchanges may hint at bullish sentiment among large holders.
Neutral
Moving 70,000 SOL off Binance into private wallets signals accumulation rather than immediate sell-off, which can reduce on-exchange sell pressure. In past events, similar SOL withdrawals by whales have preceded periods of price stability or modest gains. However, this amount is relatively small relative to Solana’s total circulating supply, limiting its market impact. Traders are likely to view this move as neutral to slightly bullish, monitoring subsequent exchange flows and price action for clearer directional clues.