New Year Trends: Solana Whale Activity Signals Potential Rally While MSTR Faces Scrutiny

The first hours of 2026 are revealing a crypto market at a crossroads.

While notable whale activity on the Solana network hints at a potential price recovery, the aggressive Bitcoin accumulation of Strategy (MSTR) is drawing increased investor criticism as its stock struggles.

Whale Movements and Institutional Flows Build a Solana Case

Data from analytics platform Santiment shows “heavy buying activity” across multiple Solana-based tokens, with several large holders repeatedly acquiring sums of 10 SOL or more. This on-chain activity suggests sustained interest from major investors, possibly anticipating positive developments or price appreciation for the ecosystem.

This trend lines up with recent institutional flow data. According to a recent CoinShares report, Solana investment products attracted $7.5 million in new capital last week alone. Since the launch of U.S.-listed Solana ETFs in mid-October, these products have seen total inflows surpass $1.3 billion.

This consistent demand exists against a backdrop of broader market pressure, where digital asset investment products overall experienced $446 million in outflows last week. XRP products similarly defied the trend, gathering $70.2 million, with Germany emerging as a notable buying region, adding $35.7 million.

Strategy’s Massive Bet Meets Market Skepticism

In stark contrast, Strategy’s monumental Bitcoin play is facing mounting scrutiny, with the company, led by executive chairman Michael Saylor, announcing its latest purchase of 1,229 BTC on December 29, 2025, at an average price of $88,568 per unit.

This continued a buying spree that has ballooned its holdings from 252,220 BTC before the 2024 U.S. elections to 672,497 BTC, acquired at an average cost of $74,997 per coin.

Despite its growing treasury, MSTR’s market performance has suffered. Santiment’s New Year’s analysis noted the company’s stock price fell nearly 50% in 2025, a drop that outpaced Bitcoin’s own modest decline of 6% for the year.

This underperformance has split investor opinion, with some viewing the strategy as a visionary long-term bet on Bitcoin and others seeing it as a value-destroying risk for shareholders.

Furthermore, the departure of traditional investing legend Warren Buffett from Berkshire Hathaway, noted in social chatter as a symbolic “end of an era,” coincidentally highlights the starkly different philosophies now dominating financial news.

As 2026 begins, Santiment’s data shows the market narrative is split between cautious optimism for specific ecosystems like Solana, evidenced by on-chain and institutional support, and deep questions about the sustainability of corporate Bitcoin strategies that have so far punished equity holders.

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