Two Solana Wallets Send 1.16 Million SOL to Coinbase-Labeled Address

Two wallets sent 1,159,856 Solana (SOL), with a combined recorded value of about $111.2 million, to an address labeled Coinbase Institutional on Saturday, Oct. 31, as U.S. spot Solana funds logged net outflows over five sessions.

The first transaction moved 609,699 SOL at 1:19 a.m. ET (05:19 UTC). A second transfer of 550,157 SOL followed at 9:40 a.m. ET (13:40 UTC). Both went to the same address.

The sending wallets are unidentified. The transfers show SOL moving between addresses, but do not establish who controlled the wallets or whether any SOL was sold.

U.S. spot Solana exchange-traded funds (ETFs) saw net outflows in each of the five sessions from Oct. 26 through Oct. 30, totaling roughly $72 million. The largest daily outflow was $27.7 million on Oct. 29, during the five-session outflow period.

The figures measure different activity: a wallet transfer tracks tokens moving between blockchain addresses, while ETF flows measure money entering or leaving funds. The transfers do not establish that a sale followed.