Kraken Sees Another Massive SOL Transfer as Pump.fun Continues $640M Withdrawal Spree

Pump.fun is preparing to transfer another 156,000 SOL (approximately $13M at current prices) to Kraken, marking its latest large-scale withdrawal amid growing concerns over value extraction from the solana ecosystem. The platform, which has generated over $2M daily in SOL fees, has now cashed out a staggering 3.49M SOL ($640M) since April 2025, with most sales executed between $158-$183 per SOL. This latest transfer surpasses May’s 132K SOL deposit and reflects $77.5M in fees collected over the past 30 days, while returning minimal value to the Solana ecosystem. The pattern of substantial withdrawals continues to raise questions about the platform’s long-term commitment to the blockchain network it operates on.

Pump.fun Prepares to Cash Out 156K SOL Amid Ongoing Value Extraction Concerns

Pump.fun is moving another 156,000 SOL to Kraken, continuing its pattern of large-scale withdrawals. The platform has generated over $2M daily in SOL fees, yet returns minimal value to the ecosystem. This transfer surpasses May’s 132K SOL deposit, reflecting $13M in weekly fees and $77.5M over 30 days.

To date, Pump.fun has cashed out 3.49M SOL ($640M) since April, with sales executed between $158-$183 per SOL. Analysts attribute Solana’s sluggish recovery partly to these sustained sell pressures. The platform operates as a high-volume DEX for meme tokens, capturing fees without proportional reinvestment into the network.

Solana Whale Activity and Market Sentiment Signal Potential Downside

Solana faces mounting bearish pressure as large-scale transfers and derivatives data point to weakening confidence. Pump.fun has deposited an additional 156,425 SOL ($25.74 million) onto Kraken, bringing its total exits to 3.49 million SOL ($640 million+). These coordinated moves suggest a deliberate unwind strategy by institutional holders.

Market sentiment mirrors the technical breakdown. SOL’s price dropped 5.63% to $163.07, breaching its ascending trendline after rejection at $179 resistance. The Stochastic RSI hovering in oversold territory confirms weak momentum, with $140-$145 emerging as the next critical support zone.

Derivatives markets amplify the bearish narrative. Negative funding rates and $19 million in long liquidations reflect growing downside conviction. Both retail and institutional segments appear aligned in their caution, as measured by Market Prophit’s sentiment indicators.