Binance Records Cluster of Large Outflows

On November 1, three transfers left Binance for unidentified wallets within a three-hour window ending at 1 p.m. ET, amounting to $400.8 million in total value. The largest of these was a movement of two million Solana tokens, valued at approximately $190 million, executed at 10:28 a.m. ET.

Earlier in the same window, at 10:13 a.m. ET, Binance sent 50 million XRP worth $62.4 million to an unknown wallet. One minute after the Solana transfer, at 10:29 a.m. ET, another transaction moved 148,533,038 USDT valued at $148.4 million to a separate unknown address. No corresponding inflows into Binance were recorded during that period.

The two-million-SOL transfer removed the tokens from the exchange and placed them in a wallet whose controller has not been identified. On-chain data show only the change of address; they do not indicate whether the recipient later sold, held, or redeployed the tokens.

Separate Transfers Reach Coinbase-Labeled Address

One day earlier, on October 31, two unidentified wallets sent a combined 1,159,856 SOL, recorded at about $111.2 million, to an address labeled Coinbase Institutional. The first transfer of 609,699 SOL occurred at 1:19 a.m. ET. A second transfer of 550,157 SOL followed at 9:40 a.m. ET. Both transactions targeted the same destination address.

As with the Binance movements, the sending wallets remain unidentified, and the transfers alone do not establish any subsequent sale or purchase of the tokens.

ETF Activity During the Same Period

U.S. spot Solana exchange-traded funds recorded net outflows in each of the five sessions from October 26 through October 30, totaling roughly $72 million. The largest single-day outflow in that stretch reached $27.7 million on October 29.

Wallet transfers and ETF flows measure distinct activities. A blockchain transfer records tokens changing addresses, while ETF figures track capital entering or leaving the funds. The observed transfers do not demonstrate that any of the moved SOL was sold into the market.

Market participants continue to monitor the recipient wallets for any further on-chain activity. Solana operates as a Layer-1 network designed for high-throughput, low-cost transactions, and large movements of its native token routinely attract attention from traders tracking liquidity and positioning.