$SOL 911 ten thousand giant whales long positions have been surrounded by bears, and ETF funds have also hit the brakes
Just after the September 9 Transaction v1 upgrade went live, five giant whale addresses opened $9.11 million in long positions before the upgrade—and now all of them are trapped. The whales are betting on an upgrade-related positive catalyst, but the market simply doesn’t buy it—the whales’ positions have become a target for the bears.
What’s even more troublesome is that ETF funds are retreating: SOL ETF net inflows have plunged 96% in a week from $153 million to $6.18 million, and SOLZ recorded a daily outflow of $2.19 million. Institutional buying has cooled off, and the whales’ long positions have lost their biggest backstop.
Just after the September 9 Transaction v1 upgrade went live, five giant whale addresses opened $9.11 million in long positions before the upgrade—and now all of them are trapped. The whales are betting on an upgrade-related positive catalyst, but the market simply doesn’t buy it—the whales’ positions have become a target for the bears.
What’s even more troublesome is that ETF funds are retreating: SOL ETF net inflows have plunged 96% in a week from $153 million to $6.18 million, and SOLZ recorded a daily outflow of $2.19 million. Institutional buying has cooled off, and the whales’ long positions have lost their biggest backstop.