Galaxy Digital deposits 51 million SOL on Binance, Whale starts monitoring

Galaxy Digital has been attracting attention from the crypto community. After transferring 250,000 SOL tokens worth approximately $51.69 million to Binance. The move has fueled speculation about a possible sale. Especially considering Forward Industries’ involvement. Recently, even more Solana was moved to Coinbase Prime.

chain of whale trade

According to data from Lookonchain and Arkham Intelligence, Forward Industries had previously deposited 993,058 SOL. Coinbase Prime values ​​it at $192.08 million. Shortly after, 250,000 SOL from that batch was transferred to Galaxy Digital. The same amount that Galaxy later sent to Binance. This series of transactions suggests a coordinated movement of funds among prominent institutional investors.

It remains unclear whether Galaxy Digital plans to sell tokens. The timing and scale of the transfer sparked debate across the crypto world. Such whale movements are often frowned upon, as large deposits on centralized exchanges may indicate upcoming sales or strategic reallocation. Still, the full motives behind these transfers have not been confirmed.

Forward Industries’ position under scrutiny

Forward Industries has been under intense scrutiny since its acquisition of SOL for a whopping 6.82 million SOL. As of just a month ago, it was reportedly worth $1.38 billion, with an average price of $232 per token. With Solana is currently trading below that level. Analysts are debating whether the company will cut its losses or reposition itself for future profits.

The company’s recent move was first to Coinbase Prime and then through Galaxy Digital. This suggests a series of internal liquidity adjustments. Some on-chain analysts have speculated that this may be a temporary move for custody management rather than a liquidation signal. But amid recent market volatility, some see this as an early sign of potential profit realization or loss mitigation.

Galaxy Digital’s strategic role

Galaxy Digital, led by Mike Novogratz, has been active in crypto trading and asset management for institutional investors for many years. Involvement in the transaction adds weight to the theory. This could be part of a broader over-the-counter (OTC) settlement or strategic portfolio restructuring.

On-chain data from Fireblocks Custody confirms a clear transaction trail. This shows the flow of funds from Coinbase Prime to Fireblocks Custody. Then Galaxy Digital and finally Binance. Each step in the chain involved $50 million to $51 million worth of transfers. This suggests that someone was moving the same batch of SOL tokens between multiple institutional wallets. Perhaps as part of coordinated liquidity or custody management activities.

Galaxy’s move to deposit money on Binance, a public exchange. This could mean someone is placing the tokens for liquidity access or market-making activities rather than immediate sale. However, until an official statement surfaces, market participants are keeping an eye on SOL’s order book.

Market reaction and community buzz

The cryptocurrency community has been quick to respond to these developments. Social media users are divided in opinion. Some are interpreting this move as bearish and are expecting short-term selling pressure on SOL. However, some believe this reflects institutional manipulation unrelated to retail trading sentiment. Whale tracking accounts also highlight that such large-scale transfers often precede short-term volatility.

However, Solana’s broader fundamentals remain strong, with increased network activity and ecosystem expansion. Institutional interest in the DeFi and staking sector is growing. As the dust settles, attention will turn to whether Galaxy Digital’s deposit signals a strategic repositioning or the beginning of a larger market shift. One thing is clear at this point. That means the whales are on the move. The rest of the market is also paying attention.