Whale withdrawals hint at Solana’s season

September 12, 2025

 

Reading time: 5 minutes

Galaxy’s $724M withdrawal sparks Solana’s ‘season of SOL’

Key points:

  • SOL traded near $240 after a week of double-digit gains, outpacing Bitcoin and Ethereum.

  • Galaxy Digital’s multi-million-dollar withdrawals and whale accumulation signaled rising institutional appetite for Solana.

News - Solana (SOL) extended its bullish streak this week, surging close to $240 and outperforming both Bitcoin and Ethereum.

Blockchain data from Arkham Intelligence showed Galaxy Digital withdrew around 3.1 million SOL worth $724 million from Binance and Coinbase, reinforcing speculation that the moves are linked to Forward Industries’ $1.65 billion Solana treasury plan, backed by Galaxy.

The rally has been further strengthened by whale accumulation. Data shows wallets holding more than 100,000 SOL grew their share from 57.81% in August to 58.95% by mid-September. At the same time, exchange flows turned sharply negative after September 10, signaling reduced selling pressure.

Smart Money and institutional flows align - The Smart Money Index, tracking high-conviction addresses, jumped from 261.62 on September 7 to 290.14 by September 12, reflecting rising bets on continued upside.

Bitwise CIO Matt Hougan said treasury demand and potential spot ETF approval could push SOL higher, while Galaxy CEO Mike Novogratz declared it could be the “season of SOL.”

Fifth-largest crypto by market cap - Solana’s total value locked (TVL) has surged to nearly $13 billion, marking a new milestone for its DeFi ecosystem. The network’s growth has propelled SOL’s market capitalization past BNB, making it the fifth-largest cryptocurrency.

Analysts now eye $238 as the final major resistance before a retest of all-time highs, with potential momentum toward $250 if ETF catalysts and institutional demand continue to align.

Dogecoin climbs as ETF delay fails to dampen treasury buying

Key points:

  • DOGE traded near $0.26 after gaining nearly 20% this week.

  • CleanCore Solutions’ accumulation of over 500M DOGE and anticipation of the Rex-Osprey ETF kept momentum alive despite a launch delay.

News - Dogecoin extended its rally this week, climbing around 4% on Friday to $0.26 even as Bloomberg analyst Eric Balchunas confirmed that the long-awaited Rex-Osprey Dogecoin ETF has been delayed again. The fund, initially scheduled to debut on September 12, is now expected to launch next week.

The ETF stands out as the first U.S. crypto fund registered under the Investment Company Act of 1940, meaning it does not directly hold DOGE but uses derivatives through a Cayman Islands-based subsidiary.

While Balchunas expects limited price impact from such products, he also forecasted that more DOGE ETFs could appear in the coming months.

Treasury builds DOGE war chest - Fueling the latest price action is CleanCore Solutions, which doubled its Dogecoin holdings to more than 500 million tokens this week.

Backed by Pantera Capital, GSR, and FalconX, the firm closed a $175 million private placement on September 5 to fund its goal of building a one-billion DOGE treasury within 30 days. At current prices, its holdings are valued at roughly $130 million.

Institutional and retail attention converge - Traders are now watching whether DOGE can sustain closes above $0.26 and test the $0.29–$0.30 resistance zone.

Whale accumulation exceeding 280 million DOGE has added to the bullish setup, while prediction markets place stronger odds on a climb toward $0.30 than a drop back to $0.15.

For a coin long dismissed as a meme, Dogecoin’s growing institutional presence and looming ETF debut are setting up a new chapter in its market story.

Key points:

  • Polymarket has integrated Chainlink’s oracle feeds to improve speed and reliability in settling prediction markets.

  • The move reduces tampering risks and kicks off with asset-price bets on Polygon, with plans to expand into new markets.

News - Polymarket, one of the largest on-chain prediction platforms, has partnered with Chainlink to enhance the accuracy of its market resolutions. The integration, announced Friday, brings Chainlink’s decentralized oracle data into Polymarket’s settlement process, starting with asset-price markets.

Chainlink’s Data Streams provide timestamped pricing updates, while Chainlink Automation ensures that outcomes are settled instantly once conditions are met. This is aimed at cutting delays and governance disputes that have previously dogged Polymarket, which relied on optimistic oracle UMA to resolve outcomes.

The feature is already live on Polygon, Polymarket’s default blockchain, and promises near-instant settlement for data-driven markets such as crypto asset prices. Chainlink’s co-founder Sergey Nazarov framed the partnership as a step toward prediction markets becoming “reliable, real-time signals the world can trust.”

Beyond asset prices - While asset pricing is the first focus, both firms said they are exploring how Chainlink’s oracles might extend to more subjective markets, which historically depend on social voting. These events, ranging from political outcomes to cultural debates, remain harder to resolve without bias.

Wider context - Polymarket has emerged as a hub for event-based betting, from elections to sports, powered by USDC on Polygon.

The timing of this Chainlink partnership follows a softer U.S. regulatory stance this month, with the CFTC granting no-action relief to a clearinghouse linked to Polymarket. That shift, combined with high-quality oracle infrastructure, could signal a stronger institutional role for prediction markets in crypto.

ModStealer quietly hunts crypto wallets across Mac, Windows, and Linux

Key points:

  • New cross-platform “ModStealer” malware evaded major antivirus tools for nearly a month and targets 56 browser wallet extensions, including Safari.

  • Spread via fake recruiter ads, it installs through obfuscated JavaScript, persists on macOS using launchctl, and exfiltrates data to a Finland-hosted server routed through German infrastructure.

News - Apple security firm Mosyle has disclosed “ModStealer,” a stealthy info-stealer built to drain crypto wallets and pilfer credentials on macOS, Windows, and Linux.

Researchers say the malware remained undetected by leading antivirus engines for almost a month after being uploaded to VirusTotal. Once executed, it can read clipboards, take screenshots, run remote commands, and scrape private keys, certificates, config files, and credential stores from 56 browser wallet extensions.

On macOS it registers as a LaunchAgent via launchctl, with indicators including a hidden file named .sysupdater.dat. Stolen data is funneled to a server in Finland, with routing tied to German infrastructure to mask operators.

Distribution hinges on fake job ads aimed at developers, luring victims to run a heavily obfuscated NodeJS script that bypasses signature-based defenses. Researchers flag ModStealer as part of a growing Malware-as-a-Service trend that packages advanced stealers for low-skill affiliates.

Why it matters for crypto users - The malware highlights how attackers are pivoting directly toward wallet extensions, a primary gateway for everyday crypto transactions. With infostealers now the most common malware family on Macs, even experienced traders face heightened risks if relying only on software wallets or default protections.

Security backdrop and practical defenses - The disclosure comes as supply-chain threats stay elevated. Ledger’s CTO recently warned of an npm account compromise intended to slip malicious packages that could swap wallet addresses mid-transaction; the attempt was contained with minimal losses, but underscored systemic risk.

Hacken’s Stephen Ajayi advises strict hygiene: validate recruiters and domains, open test tasks only in disposable VMs, keep development and wallet environments separated, prefer hardware wallets, verify addresses on-device, and use offline seed storage plus MFA or FIDO2 passkeys.

For teams and traders alike, behavior-based monitoring and hardened endpoints are now table stakes. Signature checks alone are not enough against a malware family designed to look ordinary while siphoning the keys that control real funds.

Crypto scams uncovered

  • Massive phishing wave steals $12.17 million in August - A surge in crypto phishing scams in August cost investors $12.17 million, with over 15,200 victims: nearly half of the stolen funds came from EIP-7702 batch-signature scams.

  • U.S. DOJ seizes over $5M in bitcoin from SIM-swap scams - The U.S. Department of Justice has filed a civil forfeiture complaint for more than $5 million in BTC, allegedly stolen through multiple SIM swapping attacks affecting victims across the United States.

  • “RatOn” malware steals from crypto wallets via NFC relay - A new Android RAT (Remote Access Trojan) named “RatOn” is using NFC relay capabilities plus spoofed apps (like fake Google Play ads) to steal credentials and recovery phrases from users of MetaMask and Trust Wallet in Czechia and Slovakia.

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Top 3 coins of the day

Pudgy Penguins (PENGU)

Key points:

  • At press time, PENGU was trading at $0.037, up 7.25% in the last 24 hours, outperforming the broader crypto market’s 1.29% gain.

  • The 50-day MA stayed above the 20-day, though the gap narrowed as the shorter MA trended higher, while the DMI showed strengthening bullish momentum.

What you should know:

PENGU climbed steadily, reclaiming the $0.037 zone as buyers pressed forward. The 20-day MA remained below the 50-day, but its upward slope hinted at improving short-term sentiment and the potential for a bullish crossover if momentum sustains. The DMI reflected this strength, with the +DI holding above the –DI, while the ADX pointed to growing trend conviction. Volume also ticked higher, adding confirmation to the upward move. On the catalyst side, Pudgy Penguins’ expansion into Asia through its Suplay Inc. partnership continued to support investor enthusiasm, while speculation around the delayed SEC decision on the hybrid PENGU/NFT ETF kept anticipation alive. Traders should monitor $0.036 as immediate support, with $0.041 emerging as the next resistance level to watch if momentum persists.

Key points:

  • At the time of writing, SOL traded at $236, marking a 3.51% daily gain supported by rising volume.

  • The Supertrend remained in buy mode, while the Awesome Oscillator showed growing bullish momentum above the zero line.

What you should know:

Solana continued its upward trajectory, closing the day at $236 after testing a high of $239. The Supertrend indicator stayed bullish, with support placed near $202, while SOL managed to push past the $233 resistance band. Meanwhile, the Awesome Oscillator printed taller green bars above the zero line, confirming strengthening momentum. Trading volume of 2.63M outpaced recent sessions, reinforcing conviction behind the rally. From a broader perspective, institutional validation provided an extra tailwind after SOL Strategies’ Nasdaq listing on September 9 spotlighted Solana’s growing role in treasury strategies. Additionally, optimism around the SEC’s new ETF standards kept sentiment elevated, with markets increasingly factoring in the possibility of a Solana ETF in 2025. Going forward, $240 acts as a psychological barrier, and sustained closes above it could open room toward the $250 zone. On the downside, the $202–$205 Supertrend area remains crucial support for bulls to defend.

Bonk (BONK)

Key points:

  • At press time, BONK was trading at $0.00002518, reflecting a 2.94% gain in the last 24 hours.

  • The price tested the upper Bollinger Band as the CMF turned positive at +0.03, confirming capital inflows alongside stronger trading volume.

What you should know:

BONK surged nearly 3% over the past day, reclaiming momentum as it pushed toward the upper Bollinger Band at $0.00002470. Rising volatility accompanied the move, with trading volume hitting 1.06 trillion, above recent averages, while the Chaikin Money Flow’s shift into positive territory suggested sustained buyer pressure. Institutional backing added to sentiment, with Safety Shot’s $25 million investment and revenue-sharing model tied to Bonk.fun expected to generate recurring demand. Beyond technicals, BONK’s integration into over 400 Solana apps, coupled with ongoing memecoin rotation during a broader altcoin season, provided additional tailwinds. Looking ahead, holding support at the mid-band near $0.00002170 is key, while resistance around $0.00002600 may decide whether BONK extends its rally or consolidates.

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