The Binance hacker is swapping 970,000 SOL into Bitcoin through the Relay Protocol, and traders are adding short bets on Solana. SOL has had a losing streak of over six weeks, which puts the $90 support level back in focus.
The hacker behind the Binance theft is swapping 970k SOL ($95.9 million) into BTC via the Relay Protocol. The market continues to track the wallet's activity.
Around 486,970 SOL ($46.4 million) moved in the past hour, according to AMBCrypto. That means nearly half of the total stash has been routed through the swap.
Hacker's loan on Aave complicates a freeze
As AMBCrypto recently flagged, the hacker used stolen funds as collateral to borrow Ethereum on Aave. This complicated efforts to freeze the funds, and further asset swaps appear to extend the laundering process.
Traders position for more downside on Solana
Meanwhile, one analyst highlighted a whale opening a $23 million SOL short with 20x leverage, with a liquidation price of $123.2. At around $95 per SOL, the position is a decent bearish bet and adds to short pressure as Solana rotates into Bitcoin.
The timing is difficult for Solana bulls. SOL has had a losing streak for over 6 weeks and is currently in a bear trend. As a result, the $90 support level is back in focus as the next key downside test.
Capital keeps favoring Bitcoin over altcoins
Bitcoin dominance ended October at 60.5% and has remained within a key resistance range. The Altcoin Season Index declined by more than 15%, which shows that altcoins continued to underperform Bitcoin.
In October alone, the SOL/BTC ratio dropped by 12%. A breakdown below $90 could turn the current setup into a bull trap, especially as capital continues to favor Bitcoin over altcoins.
Source: AMBCrypto
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