Solana Drops to $182; Jump Crypto Swaps $205M SOL for Bitcoin
The price of Solana (SOL) dropped to $182 on October 30, marking a nearly 6% intraday decline and reducing its market capitalization to $100.1 billion. This is Solana's largest one-day drop since the October 10 market crash.
- Jump Crypto sold 1.1 million SOL for $205 million and acquired 2,455 Bitcoin (BTC) for $265 million shortly after.
- Jump Crypto's total staked asset value in USD decreased by 29.65% over the last 30 days, but they still hold 73% of their $202.78 million assets in SOL.
- Market participants view Jump Crypto's actions as a move towards safety, possibly due to anticipated trade negotiations between the US and China.
Derivative market data shows a bearish outlook:
- Solana futures contracts trading volume increased by 7% to $32.61 billion.
- Open interest rose by 2.28% to $10.32 billion in the same period.
- The long/short ratio stands at 0.93, suggesting new positions are mostly shorts.
- High trading volume indicates long traders are closing positions to avoid further losses.
A fall below $180 could temporarily reduce Solana's market cap below $100 billion. The move by Jump Crypto follows the launch of the first Solana ETFs on US exchanges on October 28, with Bitwise's Solana Staking ETF (BSOL) debuting on the NYSE, raising $69.5 million on the first day.