On May 27, two transactions amounting to 2,000,000 Solana (SOL), worth around $351.5 million, were withdrawn from Binance's cold wallets and transferred to two recently established stake accounts on the Solana blockchain.

The two transactions were nearly identical, as reported by Whale Alert. The first, confirmed at 8:41 a.m. UTC, moved 1,000,000 SOL worth around $175.78 million. The second followed one minute later at 8:42 a.m. UTC, moving another 1,000,000 SOL equal to around $175.81 million. Both landed in fresh Solana stake accounts and came from Binance cold wallets.

These wallets are now holding the entire balances and have not sent any funds out. Each transaction cost just 0.000085 SOL in fees, and both destination addresses were created shortly before the transfers and are now associated with staking, not trading, activity.

There is no public labeling or exchange affiliation tied to the receiving wallets. However, based on transaction type and setup, both appear to be structured for staking rather than sale or liquidity purposes.

At the time of the move, SOL was trading at roughly $175.32. Market response was minimal — no spike in volatility or trading volume followed the transactions. The transfers did not result in any immediate price shift on spot markets.

On Binance Futures, sentiment remained bullish. A total of 69.62% of all top trader positions were long, while 30.38% were short. Across user accounts, 68.57% were long, reflecting positive market bias.

Although the source and destination are both known on-chain, the motive behind the move remains unclear. This may be related to internal treasury restructuring, third-party custody or institutional staking.