Fidelity’s Solana ETF Filing Gains SEC Attention, Yet SOL Slumps 15% Amid Whale Sell-Off

The SEC’s acknowledgment of Fidelity’s spot Solana ETF application, contrasted sharply with SOL’s subsequent 15% price drop, driven by a large-scale whale sell-off. Notably SOL’s market is currently facing downward pressure due to substantial token offloading and macroeconomic uncertainties. Since their inception of this year, filed ETFs have been receiving significant attention from the U.S. regulators (SEC). The recent candidate is Fidelity. Notably, the crypto market received a boost after the U.S. SEC acknowledged Fidelity’s application for a spot Solana ETF. This is a step foward for both the asset manager and the token as it heads towards gaining institutional exposure. Nevertheless, in opposition to what was anticipated, SOL failed to capitalize on the news, instead the digital asset plummeted by a a whooping 15%. This is amid a massive whale sell-off. The filing made via the Chicago Board Options Exchange (CBOE) in mid-March was officially received by the SEC on Thursday. This filing, a 19b-4 form, is the second of its kind related to Solana ETFs from CBOE in recent weeks, following a similar application for Franklin Templeton’s Solana ETF. Fidelity has already registered the fund under the name “Fidelity Solana Trust” with the CSC Delaware Trust Company. Once past the recognition phase, next is for the SEC to publish it in the Federal Register on which a 21-day public comment window will begin. The SEC will then have between 45 and 90 days to approve or delay a final decision on the application. The approval of Fidelity’s SOL ETF application will be a gateway for institutional investors to gain exposure to the 7th digital asset by market cap. SOL’s Price Pressured by Major Token Offloading Despite the huge regulatory step forward, SOL’s market price paints a conflicting reality. At the time of press, the token is swapping hands with $117.27 after a 1.00% decline in the past 24 hours down more than 14% over the past week and over 18% this month. The drop comes amid an increasing selling pressure driven by significant whale activity. This data has been put to light by Lookonchain who revealed that four major wallets recently unstaked and offloaded approximately $46 million worth of SOL tokens to exchanges. Many whales unstaked and dumped $SOL today! HUJBzd dumped 258,646 $SOL($30.3M). BnwZvG dumped 80,000 $SOL($9.47M). 8rWuQ5 dumped 30,000 $SOL($3.53M). 2UhUo1 dumped 25,501 $SOL($3M). Address:https://t.co/mCaB45W6pVhttps://t.co/wjhEwyZgFHhttps://t.co/Waqe4cxvbP… pic.twitter.com/kc1Q5GEKIX — Lookonchain (@lookonchain) April 4, 2025 The largest of these transactions came from the wallet address ‘HUJBzd’, which sold $30.3 million in SOL. Others, including ‘BnwZvG’, ‘8rWuQ5’, and ‘2UhUo1’, contributed to the dump, collectively triggering fears of further downward pressure and reinforcing bearish sentiment among retail investors. Compounding the market’s anxiety are macroeconomic headwinds, partic in a formal or creative style, maintaining a 500 word count. You must only respond with the modified content. Change the tone of my title “The SEC’s acknowledgment of Fidelity’s spot Solana ETF application, contrasted sharply with SOL’s subsequent 15% price drop, driven by a large-scale whale sell-off. Notably SOL’s market is currently facing downward pressure due to substantial token offloading and macroeconomic uncertainties. Since their inception of this year, filed ETFs have been receiving significant attention from the U.S. regulators (SEC). The recent candidate is Fidelity. Notably, the crypto market received a boost after the U.S. SEC acknowledged Fidelity’s application for a spot Solana ETF. This is a step foward for both the asset manager and the token as it heads towards gaining institutional exposure. Nevertheless, in opposition to what was anticipated, SOL failed to capitalize on the news, instead the digital asset plummeted by a a whooping 15%. This is amid a massive whale sell-off. The filing made via the Chicago Board Options Exchange (CBOE) in mid-March was officially received by the SEC on Thursday. This filing, a 19b-4 form, is the second of its kind related to Solana ETFs from CBOE in recent weeks, following a similar application for Franklin Templeton’s Solana ETF. Fidelity has already registered the fund under the name “Fidelity Solana Trust” with the CSC Delaware Trust Company. Once past the recognition phase, next is for the SEC to publish it in the Federal Register on which a 21-day public comment window will begin. The SEC will then have between 45 and 90 days to approve or delay a final decision on the application. The approval of Fidelity’s SOL ETF application will be a gateway for institutional investors to gain exposure to the 7th digital asset by market cap. SOL’s Price Pressured by Major Token Offloading Despite the huge regulatory step forward, SOL’s market price paints a conflicting reality. At the time of press, the token is swapping hands with $117.27 after a 1.00% decline in the past 24 hours down more than 14% over the past week and over 18% this month. The drop comes amid an increasing selling pressure driven by significant whale activity. This data has been put to light by Lookonchain who revealed that four major wallets recently unstaked and offloaded approximately $46 million worth of SOL tokens to exchanges. Many whales unstaked and dumped $SOL today! HUJBzd dumped 258,646 $SOL($30.3M). BnwZvG dumped 80,000 $SOL($9.47M). 8rWuQ5 dumped 30,000 $SOL($3.53M). 2UhUo1 dumped 25,501 $SOL($3M). Address:https://t.co/mCaB45W6pVhttps://t.co/wjhEwyZgFHhttps://t.co/Waqe4cxvbP… pic.twitter.com/kc1Q5GEKIX — Lookonchain (@lookonchain) April 4, 2025 The largest of these transactions came from the wallet address ‘HUJBzd’, which sold $30.3 million in SOL. Others, including ‘BnwZvG’, ‘8rWuQ5’, and ‘2UhUo1’, contributed to the dump, collectively triggering fears of further downward pressure and reinforcing bearish sentiment among retail investors. Compounding the market’s anxiety are macroeconomic headwinds, partic” for a more friendly approach. Keep the content length about the same. You must only respond with the modified content.