New Wallet Withdraws 200,000 SOL from Kraken for JitoSOL Staking – Coincu

A newly created wallet withdrew 200,000 SOL worth $35.37 million from Kraken and converted it into JitoSOL for staking on May 22, as reported by Onchain Lens.

This event highlights continued institutional confidence in Solana’s staking yield and potential impacts on SOL’s market liquidity and price action.

200,000 SOL to JitoSOL: Institutional Staking Strategy

A recent transaction involving the withdrawal of 200,000 SOL from Kraken and conversion into JitoSOL for staking has captured industry attention. Although the wallet remains anonymous, similar patterns suggest institutional involvement, with several comparable events noted in recent weeks across the Solana ecosystem.

This withdrawal mirrors past significant movements, indicating sustained enthusiasm for Solana’s staking potential. Liquidity shifts due to reduced exchange supply might affect SOL’s price dynamics, especially during peaks in demand.

“In the past two hours, 300,000 SOL (worth $45.3 million) were withdrawn from Kraken by six addresses and subsequently staked. On-chain data suggests these addresses are likely controlled by the same whale or institutional entity, as seen from the sequential and coordinated transactions.” – EmberCN, On-chain Analyst, Source

The Solana community perceives such staking actions as positive, potentially enhancing network security and decentralization.

Solana’s Market Resilience Amid Liquidity Shifts

Did you know? Large withdrawals for staking, similar to the recent 200,000 SOL event, have often led to immediate surges in Total Value Locked (TVL) within the staking protocol, demonstrating a strong correlation between institutional activity and network capacity utilization.

Solana’s current price stands at $179.42, with a market cap of $93.31 billion, marking a 7.03% increase in the past 24 hours. The circulating supply is approximately 520.05 million SOL, and its fully diluted market cap is $107.87 billion. Source: CoinMarketCap, updated May 22, 2025.

Coincu analysts suggest the recent staking actions underline institutional reliance on liquid staking protocols, anchoring ecosystem growth. Historical data portrays how similar activity aligns with bullish technical trends, underscoring potential financial advantages for stakeholders engaged in Solana’s infrastructure.