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OG Exits, Goldman Out & AI Agents Rising: SOL's Supply Test | May 2025
Audio is available on Spreaker — see link below.
A long-term whale dumps 965K SOL, Goldman Sachs fully exits its spot Solana ETF, and Pump.fun breaks a nine-month silence — all in the same week SOL posts its worst large-cap performance. Can institutional demand and a maturing AI agent economy absorb the pressure?
Audio is available on Spreaker — see link below.
A long-term Solana holder who staked nearly a million SOL back in twenty-twenty-one has now sold off nine hundred sixty-five thousand of those tokens, totaling a hundred and thirty-seven million dollars in exits over the past year. The latest move was thirty thousand SOL, cleared on May nineteenth.
Start with the sell-side picture, because it's more layered than a single whale story. Pump.fun deposited a hundred and seventy-four thousand SOL to Kraken on May nineteenth, worth roughly fourteen point seven million dollars, and sold nearly a hundred and eighteen thousand of those tokens at an average around eighty-four dollars.
The original whale still holds roughly thirty-two point four million dollars worth of SOL. At the current pace of thirty thousand to fifty thousand tokens per month, there are months of selling left.
The counterweight to all of this is real, even if it doesn't show up in price yet. Messari's Q1 twenty-twenty-six report confirmed that Solana's AI agent economy has crossed from experimentation into measurable economic output.
The week's twelve percent decline reflects a combination of macro headwinds, whale distribution, and the Pump.fun resumption, all landing together. Solana generated two point three nine billion dollars in annual revenue in twenty-twenty-five.
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