Binance Hacker Swaps $95.9M SOL to BTC as Solana Tests $90 Support
Key Summary
Solana dropped sharply toward the $90 price floor Monday morning after on-chain trackers confirmed the Binance hacker initiated a $95.9M SOL-to-BTC token swap. According to Relay Protocol transaction data, 486,970 SOL valued at $46.4M moved within a single hour, compounding a six-week downtrend for the layer-one network. Derivatives order books monitored by AMBCrypto showed a single market participant opening a $23M short position at 20x leverage.
Key Bullets
- On-chain tracking confirmed the Binance hacker swapped 970,000 tokens totaling $95.9M SOL into Bitcoin via Relay Protocol.
- Derivatives order books registered a $23M short position on Solana opened with 20x leverage and a $123.2 liquidation price.
- Public exchange metrics revealed the SOL/BTC trading pair dropped 12% across the month of October due to heavy capital flight.
- Bitcoin dominance settled at 60.5% while the Altcoin Season Index contracted by more than 15% amid risk-off positioning.
Hacker Routes $95.9M SOL Through Relay
Solana slid toward the $90 price floor Monday morning after public on-chain transaction records confirmed the Binance hacker initiated a $95.9M token swap into Bitcoin. Relay Protocol transaction logs verified that 486,970 tokens valued at $46.4M moved within a single hour, routing nearly half of the targeted asset stash away from the network. This wallet movement follows earlier attempts where the hacker utilized stolen funds as collateral to borrow Ethereum on Aave.
Market participants tracked the asset laundering sequence closely. The ongoing token rotation places intense sell-side liquidity onto spot order books. Traders reacted instantly.
Derivatives Traders Pile Into Leveraged Shorts
Derivatives order books monitored across major margin venues recorded aggressive bearish positioning as spot prices broke down. Public perpetual swap data captured a single market participant opening a $23M short position on Solana using 20x leverage with a liquidation threshold set at $123.2. These aggressive short bets compound an extended six-week losing streak for the asset.
Selling momentum accelerated across the board. Liquidity thinned out rapidly.
Capital Flight Drives SOL/BTC Downward
Exchange order-book depth confirmed that capital preferences shifted aggressively toward Bitcoin as broader macro risk aversion gripped digital asset markets. Public statistical indices showed Bitcoin dominance closed the month at 60.5% while the Altcoin Season Index contracted by more than 15%. Public exchange data verified that the SOL/BTC ratio dropped 12% over October.
Traders abandoned high-beta alternatives. Capital concentration favored Bitcoin exclusively.
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