Recently, I noticed an interesting on-chain phenomenon. A whale has been gradually withdrawing approximately 1.23 million SOL from a major exchange since late August and staking them, with a total value approaching $186 million. Just in this recent wave, they withdrew nearly 50,000 SOL at once, worth over $6 million, continuing to add to their staking position.

But there's a detail worth noting—this SOL now has a book value of only about $155 million. In other words, this whale is already facing an unrealized loss of nearly $30 million. Yet, they continue to add to their position.

What logic might be behind this move? My understanding is that it’s more like a gamble. The whale clearly doesn’t care about short-term fluctuations but is betting on the future growth potential of the SOL ecosystem. By locking in a large amount of tokens through staking, they are participating in protocol rewards on one hand, and on the other, making a long-term directional judgment.

However, it’s important to clarify—this "buy more on dips" strategy is something whales can play, but retail investors should be very cautious. The scale of funds, risk tolerance, and time horizon are completely different. Blindly following the trend can easily lead to being among those who get caught and liquidated.

From a market perspective, while large-scale staking does reduce circulating supply, it doesn’t mean the price will rebound immediately. Market sentiment remains fragile. If you hold SOL, stay calm and avoid chasing highs and selling lows; if you want to participate, remember to stagger your entries, control risks, and never go all-in. The market is always changing, so maintaining a steady mindset is key.