Just came across an interesting on-chain message—a mysterious account that acquired nearly a million SOL four years ago (could be an institution or a super whale) has made a new move.

Just now, they transferred 100,000 SOL to a major exchange, worth over $13 million. This isn’t the first time. Since the unlock in April this year, over the past eight months, this address has cumulatively moved 615,000 SOL to exchanges, cashing out close to $100 million, with an average selling price around $175.

They still hold over 730,000 SOL, which is roughly $100 million at current prices. What’s even crazier is that just from staking over these four years, they’ve earned 357,000 SOL—truly the king of passive income.

**What does this mean for the market?**

To put it plainly, this kind of continuous large-scale selling will definitely put short-term pressure on SOL’s price. Especially psychologically, retail investors seeing "whales selling" may panic and follow suit.

But looking from another angle, this whale has been selling in batches over the past six months, not dumping all at once. What does this indicate? It’s not a total bearish exit—more like rational profit-taking and portfolio rebalancing. After all, their cost basis from four years ago is probably ridiculously low, so even selling now is pure profit.

**How should retail investors respond?**

Don’t panic, and don’t blindly follow. Whales operate on a completely different level than retail investors—their costs are extremely low, so you need to consider your own situation:

**Bought in at high prices with heavy positions?** Consider reducing some exposure on rebounds to lower your risk. Don’t stubbornly hold on; the market doesn’t owe you a bounce.

**Bullish on SOL for the long-term?** Stay calm and hold. Whale selling doesn’t mean the project is dead—short-term volatility is normal. Remember, the value of quality assets won’t disappear because of one big holder’s moves.

**Currently on the sidelines?** You can wait for a pullback, but don’t go all-in at once. Building a position in batches is safer—there will always be opportunities in the market.

**My view**

Whale selling ≠ end of the bull market. On the contrary, this is a sign of a maturing market—early, low-cost holders are exiting, making way for new capital. SOL’s ecosystem development is ongoing, on-chain activity is strong, and short-term price swings don’t change the long-term value thesis.

What’s the key? Hold an amount you can sleep well with. Don’t let a single on-chain message mess up your rhythm. When it comes to investing, mindset is more important than technical skills.