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Please indicate that the reprint is from the "Biteye" community Author: Biteye core contributor Viee Editor: Denise, Biteye core contributor Community: @BiteyeCN *The full text is about 3,400 words, and the estimated reading time is 9 minutes. SOL's recent strength is behind the continuous buying of many listed companies, and the treasury reserves have reached 17.112 million, directly pushing up the price! Just like Bitcoin ETF and Ethereum ETF have rewritten the funding aspect, Solana has also ushered in its own "position reshuffle". Previously, we analyzed the position structure of Ethereum. This is the second position analysis of mainstream currencies. Who are the “funders” of Ethereum? Do ordinary people still have a chance?  01 Why is it important to research institutions that hold positions? The crypto market is fast-paced, so who’s buying? How many did you buy? Who is selling? Where is the selling pressure concentrated? Which funds are locked up for a long time, and which funds may be flowed out at any time? These issues determine the price elasticity of the token and the room for rise and fall in the next cycle. 02 Pledge, accounting for approximately 66.9% Data from Solana compass shows that the total supply of SOL is 610 million. As of September 16, approximately 408 million SOLs have been pledged on the entire Solana network, accounting for 66.9% of the total supply. Essentially, it is a large market composed of pledged retail investors, DeFi protocols, listed company treasury pledges, foundations and institutional whales. In comparison, ETH’s pledge rate is only 40%. This makes SOL one of the mainstream public chains with the highest pledge rate in the crypto market, which means limited selling pressure and strong price support.  1. Concentration analysis of pledge pattern: There are also some highlights in the staking verifier structure, according to everstake data:
This means that Solana's staking pattern presents a "head concentration + long tail decentralization": large institutional nodes have significant influence, but overall a certain level of decentralization is maintained to avoid being completely dominated by a single force. ⚠️ Note: The data in the pie chart below mainly shows the distribution of head validators, and is not equal to the total pledged amount of 408 million SOL in the entire network.  2. DeFi Protocol According to DeFiLlama data, Solana's entire network TVL is worth approximately 52.89 million SOL. However, it should be noted that a considerable part of it comes from LST derivatives (such as JitoSOL, mSOL, bSOL), and not all of them are SOL. This part of the data also overlaps with 66.9% of the pledge data of the entire network, and is not an independent increase in lock-up volume. 3. Foundation The SOL held by the Solana Foundation and Solana Labs is mainly placed in the pledge account, which is included in the 408 million pledged SOL. The specific proportion is unknown. 4. FTX、Alameda The special thing about SOL is that there is a "historical legacy disk", which is the bargaining chip between FTX and Alameda. In the early ecological construction of Solana from 2020 to 2022, FTX and Alameda were one of the most important supporters, buying and holding SOL on a large scale. After the collapse of FTX in November 2022, this part of the assets was placed in custody and included in the liquidation process. Their future unlocking, auctions, and even over-the-counter transactions will affect the supply and demand balance of SOL. Since November 2023, FTX and Alameda-related pledge addresses have redeemed and transferred a total of 8.98 million SOL Currently, approximately 4.18 million SOL (accounting for 0.69%) is still pledged on the chain and will be unlocked in installments until 2028. This part is regarded by the market as potential selling pressure and may affect price fluctuations. 03 Listed companies, accounting for approximately 1.59% (unpledged part) According to data from Strategic SOL Reserve (as of September 16), 17 entities have established SOL treasury reserves, totaling 17.112 million SOL, accounting for 2.8% of the current total supply. Among these positions, the number of pledged SOL is approximately 7.4 million SOL, accounting for approximately 1.2% of the total supply. Companies with top holdings: - Forward Industries (FORD): 6.822 million SOL, approximately US$1.63 billion - Sharps Technology (STSS): 2.14 million SOL, about $510 million - DeFi Development Corp (DFDV): 2.028 million SOL, about $480 million - Upexi (UPXI): 2 million SOL, about $470 million - Galaxy Digital: 1.35 million SOL, approximately US$320 million In the total plate split, this part only counts the unpledged 9.71 million SOL (accounting for about 1.59%) to avoid double counting with the entire network's pledge.  04 ETF/ETP, accounting for about 1.73% (unpledged part) ETPs (Exchange Traded Products) are essentially fund shares listed on an exchange. The following ETPs will directly buy and manage SOL spot, and then issue corresponding shares for circulation on the exchange. 1. 21Shares ASOL has a scale of approximately US$1.53 billion 2. CoinShares SLNC has a scale of approximately US$699 million Estimated based on the range of $200–$260, the corresponding holdings are approximately 8.57–11.15 million SOL, accounting for 1.41% – 1.83% of the total supply. Although the traditional spot SOL ETF is still awaiting regulatory approval, the REX-Osprey SOL + Staking ETF (SSK) was launched in July 2025, becoming the first ETF in the United States to combine SOL spot and on-chain staking returns. As of mid-September, the fund size was approximately US$274 million. About 56.7% of them are spot SOL, estimated based on the range of $200-$260, which corresponds to about 598,000-777,000 SOL. In total, the three parties' spot positions are about 9.17-11.92 million SOL, accounting for 1.50%-1.96% of the total supply, with an average of about 1.73%. The nature of this part of the funds is more long-term and stable.  05 Others, accounting for 29.78% 1. Whale/Exchange According to CoinCarp Rich List data (as of September 16), a single whale address holds a maximum of more than 5 million SOL (about 1% of the total supply). Overall, Solana currently has approximately 9.15 million addresses, with the top 100 addresses accounting for only 22.8% in total. The top concentration is limited, and most of the chips are distributed among long-tail users, pledge pools and exchanges. It should be noted that whale addresses are not necessarily “retail investors”, including early VCs, exchanges, sleeping wallets, etc. Also, there is an overlap between whale holdings and pledges, and many whale chips have been pledged.  2. Retail investors Scattered but huge in quantity, it is the fundamentals of the market 3. Undisclosed organization Some funds or venture capital holdings, but not included in the statements 06 government holdings As of now, there are no publicly disclosed governments or sovereign funds that hold SOL directly. 07 Celebrities call for positions Beyond funding, there’s narrative. Who is shouting more SOL? Matt Hougan, investment director of Bitwise, recently emphasized in an article that Solana is in a critical window for ETP approval + the rise of enterprise SOL vaults. This combination has brought significant price increases in the history of Bitcoin and Ethereum. Former Goldman Sachs executive Raoul Pal @RaoulGMI called Solana's "long-term structure stupidly bullish" and expressed his long-term bullish view on SOL. The well-known cryptocurrency trader Ansem @blknoiz06 recently made bullish remarks on "If the Treasury Company's funds exit Solana DeFi, it will be extremely bullish." Helius Labs CEO Mert Mumtaz is betting that Solana will rise 150% over the next five years, dismissing any short-term price movement as just noise. 👉 From the position structure to the narrative level, SOL has entered the stage of "institutional buying drive + market bullish". Combined with the Hyperliquid liquidation chart, the current price is $238: The first target level: 250-275 US dollars - the first-level short order liquidation area above, once it breaks through, it may trigger short-term acceleration. Second target level: 275-315 US dollars - the area with the most dense accumulation of short orders. After the breakthrough, there may be a stronger short squeeze. As ETF/ETP and treasury companies resonate, the market's expectations for Solana will also be reconstructed. If capital flows continue to maintain, it is possible for SOL to hit the $300-$400 range in a bull market.  ⚠️ Risk warning: For reference only, not recommended // END about Us Biteye is Asia's leading Web3 research community. It produces forward-looking investment research content and tools through community-driven and AI-driven methods to help community members explore the Web3 rabbit hole. WeChat group: Add assistant @Nicegirl327 to the group Twitter：@BiteyeCN Discord：discord.gg/Biteye *Statement: The content shared in this article is for learning and exchange only, does not constitute any investment advice, and does not represent Biteye’s position. If you like our articles, click on the business card below to follow us!  |
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