Pump.fun deposited 68,596 SOL valued at approximately $5.65 million into Kraken across several transactions, raising fresh questions about Solana's near-term supply outlook. According to reports from AMBCrypto, the largest transfer reached 41,746 SOL, while several smaller deposits followed within hours, showing a coordinated movement toward the exchange. Such transfers often preceded potential selling activity because tokens became readily available for trading, but the broader market showed little evidence that participants rushed to offload their holdings.
Pump.fun recently sold another 122,498 SOL worth $10.08 million, bringing its total SOL sales to 4,656,826 SOL valued at $794.8 million at an average selling price of $170.70. As reported by AMBCrypto, the platform has become one of Solana's most active trading venues, with daily spot volume climbing to around $725 million and more than 517,000 wallets interacting with on-chain DEXs. Since June 27th, Pump.fun's revenue has grown 32.2%, while weekly DEX trading volume increased 57.2% compared with early June. However, this latest selling wave has reignited debate about Pump.fun's "extraction" narrative, with analysts questioning whether the platform is continuously taking value out of the ecosystem rather than recycling it back into Solana.
Despite Pump.fun's latest deposits and sales, Solana recorded a daily net outflow of $9.62 million, indicating that exchange withdrawals still exceeded deposits across the broader market. As reported by AMBCrypto, the reading suggested many investors continued moving SOL away from trading platforms instead of preparing immediate sales. Although the latest Kraken transfers introduced fresh supply, the wider flow data showed demand continued absorbing those additions without producing a sustained influx of exchange balances, highlighting an important distinction between isolated institutional transfers and overall investor behavior.
Solana failed to sustain its recent advance after rejecting the $82.56 resistance level and later retreated toward $78.28 on the daily chart, pushing price closer to the $74.41 support level that buyers needed to defend. According to AMBCrypto, a deeper breakdown would likely expose $67.39 as the next significant downside target. The Relative Strength Index cooled from recent highs and settled around 54.95, while its moving average stood near 56.38, with the indicator remaining above the neutral 50 mark and suggesting bulls had not surrendered market control entirely. Despite strong network activity and rising on-chain metrics, SOL is still struggling to reclaim the $100 level, with the latest $10 million SOL sell-off adding more pressure and the $80 resistance level remaining a major hurdle for bulls.
While Solana faces supply pressures, Bitcoin ETFs have returned with over $500 million in inflows across three sessions, marking the first back-to-back ETF inflow stretch since May. According to CryptoSlate, US spot Bitcoin ETFs drew $221.72 million on July 2, followed by $265.69 million on July 6 and $21 million on July 7, totaling approximately $509 million in three sessions. However, BTC futures volume climbed to $78.9 billion over 24 hours, significantly higher than spot volume of $4.36 billion, indicating traders are rebuilding leverage positions faster than spot activity deepens. The BTC funding rate stands at 0.004039%, suggesting long traders are paying shorts during the current funding interval, creating potential vulnerability if ETF flows slow or spot demand fails to strengthen.
