Jump Crypto’s $205 Million Solana to Bitcoin Swap: What It Means for the Market
Crypto market maker and trading platform Jump Crypto has swapped approximately $205 million in Solana for Bitcoin, on-chain data shows. This significant transaction has sparked interest in the crypto community, with many trying to understand the implications of such a move.
In a summary of the key points:
- Jump Crypto transferred 1.1 million Solana tokens, valued at $205 million at the time, to Galaxy Digital.
- The company exchanged this for 2,455 Bitcoin, worth around $265 million.
- Solana price fell to a low of $180 due to the overall weakness in the crypto market.
According to data shared by Lookonchain, Jump Crypto completed the transfer on October 30, 2025, converting 1.1 million Solana (SOL) tokens into 2,455 Bitcoin (BTC). At the time of the asset rotation, the over one million SOL was valued at about $205 million, while Jump Crypto received about $265 million by switching to BTC.
The Solana price, which had been near $190 earlier in the day amid turmoil in the broader crypto market, hit lows of $181 on major exchanges. The token changed hands at around $182 and was under pressure given this development.
Jump Crypto Rotates Out of Solana: A Significant Shift
Jump Crypto’s decision to transfer the 1.1 million unlocked SOL to Galaxy Digital, a leading digital asset management and data center company, marks a significant shift for the company. This move likely indicates that big money has confidence in Bitcoin, observers say it could be a risk-off move, given the recent market turmoil that has not spared BTC.
While Bitcoin has plunged this week from a high of $116,000 to a current trading price of nearly $107,000, it appears to be a safer bet as turmoil increases. The recent market downturn has led to a significant amount of liquidations, with over $72 million in SOL liquidations and over $975 million worth of liquidations in 24 hours, according to data from Coinglass.
Market Turmoil and Liquidations
The dumping of crypto markets in the last 24 hours came after the Federal Reserve cut its interest rate by 25 basis points. However, as shown at the FOMC meeting, the divided Fed did not strengthen risk assets as expected. Despite positive trade meetings between the US and China, Fed Chair Jerome Powell’s comments after the meeting appear to have unsettled traders.
Stock prices plummeted, led by Nasdaq and the S&P 500, and the cryptocurrency market’s decline triggered a significant amount of liquidations. Data from Coinglass showed that traders had eliminated over $72.8 million in leveraged positions – about $70 million of that in bullish bets.
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