A significant cryptocurrency holder has executed a major asset transfer involving Solana (SOL), withdrawing 38,834.5 SOL valued at approximately $5.88 million from the Binance exchange.
The withdrawn SOL was converted into JitoSOL, a liquid staking derivative token that enables holders to earn staking rewards while maintaining asset liquidity. This conversion allows participation in Solana’s proof-of-stake network without locking the underlying assets.
Blockchain analytics platform OnchainLens reported the transaction, highlighting the whale’s strategic shift toward yield-generating instruments within the Solana ecosystem. Such large-scale conversions to liquid staking derivatives typically indicate institutional interest in optimizing capital efficiency while retaining exposure to underlying assets.
The withdrawal also reduces immediate SOL supply on centralized exchanges, potentially impacting short-term market liquidity. This move aligns with growing trends of major investors utilizing staking derivatives to enhance portfolio returns in decentralized finance environments.