The Controversial Trajectory of Whale Movements and Bitcoin Strategy on Solana

At the beginning of January 2026, the crypto market faces two opposing signals. On one side, investor activity on the Solana network shows strong signs of engagement, while on the other side, Strategy (MSTR)'s aggressive Bitcoin accumulation raises provocative questions.

Whale Movements Reflecting Institutional Interest in Solana

According to Santiment data, token transactions of 10 SOL and above are increasing within the Solana ecosystem. This whale activity is considered a reflection of growing institutional interest. Last week, Solana investment products received only $7.5 million in new capital. Since the listing of Solana ETFs in the US in October, the total has surpassed $1.3 billion.

SOL is currently trading at $141.60 and has increased by +1.62% over the past 24 hours. This indicates that market participants’ optimism towards Solana continues.

Growing Skepticism Toward MSTR’s Bitcoin Strategy

Strategy, led by Michael Saylor, purchased 1,229 BTC at an average price of $88,568, bringing the total Bitcoin holdings to 672,497 BTC. However, this aggressive accumulation strategy has started to spark debates in the market.

MSTR’s stock has lost approximately 50% of its value throughout 2025. Although Bitcoin’s current price is around $92.16K, market participants continue to question whether the company’s long-term strategy is sustainable.

The Market’s Divided Stance

At the start of the year, a dilemma is observed in the crypto market. Whale activity and institutional capital flow in Solana attract selective investors; meanwhile, MSTR’s Bitcoin accumulation and the performance of its stock continue to raise questions about the rationale behind this approach. As a result, at the beginning of 2026, the market progresses by comparing the performance of different strategies.